A few weeks ago, $PEPE came out of nowhere. It has since started to fall at the same rate it rose, but in the interim, it has risen to become the third-largest memecoin in the cryptocurrency market.

Elon Musk factor on Top Memecoins

• Dogecoin is the original memecoin, and it is also the largest memecoin. Its popularity comes from being the favourite crypt of Elon Musk.

• Shiba Inu is the second main memecoin. Its popularity is due to Elon Musk having a dog of the Shiba Inu breed.

• The third main memecoin so far was Floki, named after Elon Musk's dog. When Musk announced Floki as Twitter's CEO, it rose from a shitcoin to the third-largest memecoin..

• PEPE is the only one that has no relation to Musk and is not a big supporter, yet it hit the market as soon as it was launched. Now it is top 3.

Sucessful Promotion ...down but not out 

     Elon Musk neither promoted PEPE nor has any affiliation with it. PEPE was being promoted by bots, and the promotion was successful. Now PEPE has made a sudden downward move, yet its whales are stacking it. There is speculation that PEPE may overtake Dogecoin in the next bull market.