Musk changed his name to "Kekius Maximus," a reference to the Pepe the Frog meme and the character Maximus from the movie "Gladiator." This seemingly innocuous act triggered a frenzy in the cryptocurrency world
A cryptocurrency called KEKIUS, named after Musk's new moniker, experienced a meteoric rise in value. One lucky trader, who invested a mere $66 in Ether (another cryptocurrency), saw their investment skyrocket to a staggering $3 million within 18 days, thanks to the surge in KEKIUS's price.
The KEKIUS token's market capitalization, which represents the total value of all the tokens in circulation, soared from a modest $11.4 million to a peak of $380 million.
However, the euphoria was short-lived.
As soon as Musk reverted to his original name, the market cap of KEKIUS plummeted, highlighting the volatility and speculative nature of the cryptocurrency market.
This incident underscores the influence of prominent figures like Elon Musk on the cryptocurrency market. Their actions, even seemingly trivial ones like a name change, can have a significant impact on the prices of cryptocurrencies, especially those tied to memes and internet trends.
In essence, Elon Musk's name change sparked a brief but dramatic surge in the value of a meme cryptocurrency, showcasing the unpredictable and often irrational nature of the cryptocurrency market.
