Elon Musk’s brief rebranding of X to “Kekius Maximus” has led to a sharp increase in the value of a new memecoin called KEKIUS. This meme token, inspired by the popular Pepe the Frog meme and the character Maximus from the movie Gladiator, experienced a market frenzy after Elon Musk changed his profile.
From $66 to $3 Million
On December 14, a trader bought 10.17 million KEKIUS tokens for just $66. By January 1, the value of the tokens had skyrocketed. The trader sold 2.81 million tokens for 60.3 Ether (ETH), a whopping 45,900-fold return. The transaction turned a small investment into $3 million in 18 days.
KEKIUS’ total market capitalization peaked at $380 million on January 1 before falling to $100 million when Musk changed his profile. However, the token still holds a market capitalization of around $308 million, with more than 23,600 investors.
The KEKIUS token was created on December 13 and quickly gained traction in the crypto community. Elon Musk’s involvement, especially his posts featuring an AI-generated Pepe the Frog in Roman military gear, brought significant hype to the token. One of Musk’s posts garnered 48.2 million views, further fueling the surge in demand for KEKIUS.
Despite the hype, the value of the token is volatile. Analysts warn that the memecoin market is risky, as many similar tokens have experienced large price swings, with some falling more than 60% from their peak. However, some believe that KEKIUS could reach a $1 billion market cap in the future.
The KEKIUS craze highlights the power of social media and celebrity influence on the cryptocurrency market. Elon Musk has previously influenced the price of cryptocurrencies like Dogecoin. And his latest move shows how one person can have a major impact on meme-based assets. However, experts advise caution and recommend that investors carefully consider the risks of such speculative assets.
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