Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has once again shaken up the cryptocurrency market with a simple name change on his X account. This time, Musk changed his official profile name to “Kekius Maximus” and replaced his avatar with a PEPE frog wearing ancient armor holding a game controller. Although the eccentric tech mogul did not provide an explanation, the sudden change prompted intense speculation.
One of the biggest beneficiaries of this development was a relatively obscure memecoin known as Kekius Maximus (KM). Notably, just hours before Musk's rebrand, an anonymous trader made a notable purchase that resulted in a huge profit. Chain analytics firm Lookonchain (@lookonchain) reported via X:
“What a lucky trader—or perhaps an insider! 9 hours ago, he spent $4,360 to buy 18.15 million KM. Just an hour ago, Elon Musk changed his profile name to Kekius Maximus, causing the price of KM to skyrocket by about 17,000%. The 18.15 million KM he bought is now worth $638,000!”
Whether the timing was coincidental or coordinated remains an open question. As of press time, there was no indication that Musk had any direct connection to the token. Still, the trader’s massive gains underscore the often unpredictable relationship between Musk’s online antics and sudden market swings.
As of press time, Kekius Maximus (KM) is trading at $0.03087, representing a staggering 12,533% increase over the past 24 hours. Its market capitalization has skyrocketed to $30.87 million, while its daily trading volume has skyrocketed to around $103.51 million.
However, contrary to claims by some crypto media, Musk’s name change has nothing to do with memecoin and is not affiliated with it. Again, this came as a happy surprise to some crypto traders.
Notably, this isn't the first time Musk has made waves by changing his name or profile. He has previously used aliases like Mr Tweet, Naughty Moniker, and Naughtius Maximus. In April 2023, he replaced the Twitter bird logo with a Dogecoin Shiba Inu dog, causing a temporary spike in DOGE's price.
Regarding his recent use of the term “Kekius Maximus,” there have been various interpretations in online communities. “Kek” originated from the World of Warcraft auto-translation of “LOL,” which evolved into a broader internet meme. “Pepe the Frog” has a similar connection to “Kek,” which has been used by various online subcultures for years. The concept of “Kekistan”—a fictional internet “nation” based on cultural irony—is a satirical response to identity politics, while the flag of Kekistan mimics a German war flag.
Musk recently made waves in German politics by expressing support for the Alternative for Germany (AFD) party. Mainstream media and other political parties have strongly criticized Musk’s actions, while he himself has reaffirmed his stance by agreeing to an interview with AFD leader Alice Weidel. However, whether there is a broader context to these actions remains to be seen.
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