Kekius Maximus, which surged by 900%, faced a steep fall of 75%, according to data.
The sudden hike and dip raised concern over speculative trading in the crypto community.
Earlier, Musk made a similar stunt on DOGE, garnering investor interest toward memecoin sector.
In a dramatic turn of events, Kekius Maximus ($KEKIUS), experienced a staggering 75% price drop over the last 24 hours, according to PeckShieldAlert data, sending shockwaves through the crypto community. The decline was observed starting from the early trading hours of January 1, 2025.
The coin which was trading for less than 20 cents, experienced an explosive 900% surge in value after Elon Musk’s X update. Known for his cryptic messages revolving around meme coins, Musk left the internet buzzing with his latest stunt on December 31, 2024. Changing his X handle to “Kekius Maximus” and his logo to PEPE in gladiator armor with a video game controller, Musk ignited a cultural and financial storm, garnering attention across online communities and crypto markets.
However, this is not the first time Musk has triggered such a frenzy. Earlier in December 2024, Musk posted an image with his son, captioning it as ‘Doge & Minidoge.’ The post went viral and spiked the price of the meme coin. Following the pattern, investors and traders rushed to capitalize on the perceived opportunity in KEKIUS. However, the rally was short-lived.
The token’s value plummeted just as rapidly as it had ascended, leading to significant financial loss for investors. Experts attributed that the dip was because KEKIUS was vulnerable to sudden market changes and traders invested based on speculation.
Coming to how the name was coined, the first name ‘Kekius’ refers to the internet slang term ‘kek,’ which is used for laughter, like ‘LOL’. And the second name ‘Maximus’ refers to the Roman general Maximus Decimus Meridius, the protagonist from the film ‘Gladiator.’ By using the symbol of PEPE as an irony, Musk’s act ironically fueled speculation and excitement around KEKIUS.
However, after the token’s price fell, it raised concern over the ability of mass influence to create and destroy token value rapidly. Further, taking Kekius Maximus as a cautionary tale, it highlighted the dangers of speculative trading and the need for more robust regulatory frameworks to protect investors from similar occurrences in the future.
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