After billionaire Elon Musk changed his username on the social media platform X, the frog-themed memecoin surged significantly.
According to Musk's X profile, his name has been changed to 'Kekius Maximus,' vaguely referencing the Egyptian god Kek, known for his frog head, which gamers and internet users use to express laughter.
Kek is also associated with Pepe the Frog, a cartoon character that inspired the $8.1 billion memecoin PEPE.
Tesla CEO's sudden name change caused an astonishing surge in the price of Kekius Maximus (KEKIUS), an Ethereum-based frog-themed altcoin, which skyrocketed over 32,000%, from $0.00123 on December 30 to a peak of $0.40 on January 1.
Since then, the meme asset has retraced, trading at $0.264 at the time of writing, while its market capitalization soared to over $250 million.
Musk is a long-time supporter of meme assets like Dogecoin (DOGE), but he did not specify the reasons for the change in handling X.
The business magnate is set to become the head of the 'Government Efficiency Department' for elected President Donald Trump, who has been accused of manipulating the price of DOGE through pump and dump schemes. However, the lawsuit was dismissed last November.
The judge in the case ruled that Musk's previous comments on Dogecoin—where he suggested that Dogecoin could become a standard for global financial systems and internet currency—were 'ambitious, exaggerated, unfounded, and easily falsifiable.' Therefore, they cannot be used as the basis for the lawsuit.
$KEKIUS Price Prediction
Market observers are now speculating whether Kekius Maximus can reach a market capitalization of $1 billion, equivalent to a token price of $1. While this scenario represents a potential return of 165% from current levels, early investors who entered at $0.13 could see returns as high as 20 times if this milestone is achieved.
However, volatility is expected as investors who entered at lower levels may start to take profits as prices rise. Kekius Maximus demonstrates the volatility of meme coins and the significant influence of prominent figures like Elon Musk.
Although the future of the token is unpredictable, its rapid rise and the enthusiasm it generated highlight the speculative and fast-evolving nature of the cryptocurrency market.
