Elon Musk’s influence on cryptocurrency markets was on full display as the Ethereum-based meme coin Kekius Maximus (KEKIUS) soared and then plummeted in response to his actions.
After Musk adopted the name “Kekius Maximus” and a Grok-generated meme featuring Pepe the Frog Emperor on New Year’s Eve, KEKIUS surged over 3,000%, hitting a $400 million market cap. However, the coin lost 67% of its value within an hour when Musk reverted his profile to address a tragic incident—a Tesla Cybertruck explosion outside a Las Vegas hotel, which was later ruled unrelated to the vehicle.
Musk clarified that the explosion was caused by fireworks or a bomb and has since shifted focus to political issues in the UK, advocating for the release of far-right activist Tommy Robinson and supporting Reform UK.
This dramatic rise and fall highlight the “Elon Musk effect” on meme coins and how external events can swiftly shift the market dynamics.
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