Elon Musk’s recent name change on X to “Kekius Maximus” led to a massive 60% drop in the value of the Kekius Maximus token in just one hour. Following the name change, a large holder of the token, identified as Whale 0x820...31cc, sold a significant portion of their holdings, making a profit of $2.3 million.
Musk updated his X profile to “Kekius Maximus” on Tuesday, along with a new profile picture showing Pepe the Frog in Roman garb holding a game controller. While Musk’s name changes have sparked debate, with some speculating about possible connections to far-right groups, he has yet to offer a direct explanation. The name “Kekius” is believed to refer to both an ancient Egyptian god and the concept of laughter, while “Maximus” is a reference to the character in the movie Gladiator.
The change initially caused the KEKIUS token to surge by over 900%, though it quickly fell as the whale sold off its holdings. The token is currently priced at $0.001399, having seen an 83% loss in the past 24 hours, with trading volume down 70%. The drop in value is widely attributed to Musk’s profile change.