The popular meme coin Pepe experienced a 12% price surge after Elon Musk changed his display name to "Kekius Maximus" and adopted the Pepe the Frog avatar. However, this excitement was short-lived as the coin has already started losing its recent gains. The surge in trading volume during the price increase may indicate increased selling pressure and speculation rather than actual demand. Additionally, there has been a significant outflow of the coin from the spot market, further suggesting a decrease in demand. Technical indicators also confirm the decline in demand, with PEPE's Super Trend Indicator showing a bearish momentum. The resistance level for PEPE is at $0.000024, and if the downtrend continues, the price could drop to $0.0000017. However, if the price successfully breaches the resistance level, it could reach its all-time high of $0.000028.



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