Tesla CEO Elon Musk has once again caused waves in the crypto world. After briefly changing his X profile name to “Kekius Maximus,” Musk reverted to his previous username, triggering a significant downturn in the value of the meme coin KEKIUS. Following a meteoric rise of over 1,000% in two days, the coin plummeted by 50% in just 24 hours, settling at $0.09217. Despite the crash, KEKIUS still boasts a 7-day increase of over 6,000%, with a market cap of $92 million.

Musk’s Name Change Sends Shockwaves

Shortly after adopting the name “Kekius Maximus,” a major KEKIUS whale sold off their holdings from address 0x820…31cc, significantly contributing to the coin’s decline. The whale profited $2.3 million from the sale, but the impact on KEKIUS was severe.

Musk had also updated his profile picture to a depiction of Pepe the Frog in Roman attire holding a gaming console. The choice of “Kekius” stirred speculation due to its association with the Latin word for laughter and connections to internet meme culture. While some believe the move was a joke, others speculate deeper meanings. Musk has yet to comment on the change.

The Rapid Rise and Fall of KEKIUS

The value of Kekius Maximus surged by over 900% immediately following Musk’s profile update. However, a sell-off initiated by the KEKIUS whale caused a 60% drop in just one hour. Despite the crash, the whale’s calculated exit yielded a 40% return.

Currently, KEKIUS is trading at $0.001399, having lost 83% of its value in 24 hours. Its daily trading volume also fell by 70% to just $1.48 million. Other frog-themed meme coins have followed a similar downward trajectory, erasing recent gains.

Musk’s History of Crypto Influence

This isn’t the first time Musk’s actions have moved the crypto markets. The billionaire entrepreneur has a history of altering his profile name on X, previously using aliases like “Bay Tweet” and “Naughtius Maximus.” His support for Dogecoin has also driven significant price increases in the past, solidifying his status as a major crypto influencer.

What’s Next for Meme Coins?

As 2025 begins, the volatility of meme coins like KEKIUS highlights their susceptibility to external factors. While Musk’s playful actions can lead to explosive rallies, they also underscore the risks of speculative trading. Investors should remain cautious and closely monitor market trends.

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