American billionaire and Tesla CEO Elon Musk has reverted to his original name on the social media platform X after briefly changing it to “Kekius Maximus” on December 31. 

This name change to Kekius Maximus sparked an immediate surge in the value of similarly themed meme coins. However, it seems these meme coins are now retracing as Musk switches his X-handle name once again.

Musk’s Name Change Sends Meme Coins Soaring—And Then Falling!

The Kekius Maximus coin was down nearly 50% over the past 24 hours after Musk changed his name on X. The meme coin was trading at $0.09217 at press time. Nevertheless, KEKIUS was still up over 6,000% on the 7-day chart, and its market cap was $92 million.

Few traders who invested in Kekius Maximus after it gained overnight popularity are now reeling in losses.

“rektdolphin.eth exchanged all 62 billion PEPE( ~ $1.2 million) for 4.23 million KEKIUS 12 hours ago (Now worth $290,000). That’s why you shouldn’t FOMO into hype. $1 million gone in 12 hours,” an analyst said on Twitter.

Another analyst added that the ‘reign’ of Kekius Maximus has come to an end.

“JUST IN: The reign of Kekius Maximus has come to an end. For now. Elon Musk has returned to X.”

The move impacted other frog-themed memecoins as most of them have started retracing the gains from December 31.