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On December 31, 2024, Musk changed the nickname of the X platform to "Kekius Maximus" and changed his avatar. The price of the similarly named meme coin Kekius Maximus skyrocketed.
However, the next day, on January 1, 2025, Musk changed back to his original English name Elon Musk, and the related concept coins immediately plummeted.
According to CoinGecko data, KEKIUS on Ethereum dropped about 75% within 24 hours, with a market cap falling to 84 million; KEKIUS on the Solana chain fell about 71%, with a market cap dropping to 2.2 million; KM on the Solana chain dropped about 62%, with a market cap decreasing to 2.9 million. There had been warnings that Musk's return to his original name would pose a huge risk to the related concept coins, but it was unexpected that the risk would materialize in just 2 days.
However, the next day, on January 1, 2025, Musk changed back to his original English name Elon Musk, and the related concept coins immediately plummeted.
According to CoinGecko data, KEKIUS on Ethereum dropped about 75% within 24 hours, with a market cap falling to 84 million; KEKIUS on the Solana chain fell about 71%, with a market cap dropping to 2.2 million; KM on the Solana chain dropped about 62%, with a market cap decreasing to 2.9 million. There had been warnings that Musk's return to his original name would pose a huge risk to the related concept coins, but it was unexpected that the risk would materialize in just 2 days.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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