Tesla and SpaceX CEO Elon Musk has once again raised eyebrows online, this time by updating his display name to X in Kekius Maximus. Musk changed his profile picture to Pepe. Pepe is a Frog meme where the frog is dressed like a warrior and holds a joystick. Memecoins reacted the way they are reacting to Musk’s recent performance.
The move caused an uproar in the crypto market causing the price of Kekius Maximus to rise by more than 736% in a matter of hours.
Kekius Maximus Token Jumps Over 500%
Kekius Maximus (KEKIUS) another memecoin that has not attracted much attention in the market. It has risen more than 736% in the last 24 hours due to Musk’s actions.
The value increased from $0.009673 to $0.1139, while the trading volume reached $52.86 million. The market capitalization has grown over USD 101.5 million, showing that both small and large investors are involved. The event highlights how Musk continues to influence the market with his actions.
Traders make huge profits
Musk’s memecoin antics made millionaires in days. One trader is said to have started with $1,964 and made $1.535 million in just over two weeks, giving him a 780x return. This individual now owns 2.54% of the total supply of KEKIUS and has already made $535,000 in earnings while retaining most of his tokens.
Another trader cashed out $167,000 after investing $434 in Kekius Maximus-themed memecoin, giving him a 14,000% ROI. These measures have only contributed to the frenzy and more and more speculators are entering the market.
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But with such a rapid growth rate, of course, there are some dangers. Experts advise that such parabolic price movements are usually short-lived and result in sharp fluctuations due to selling pressures.
Elon Musk’s influence reignites the memecoin craze
Elon Musk’s influence on cryptocurrency markets is well known. From Dogecoin to Floki Inu, Musk has time and again used his powers to cause price swings. The last pseudonym he adopted, Kekius Maximus, appears to be the same, creating a cultural and financial fashion.
In addition, another similar situation happened last year.d over 736% in the last 24 hours after Musk’s actions. The price jumped from $0.009673 to $0.1139, and the trading volume reached $52.86 million.
Besides, another similar incident happened last year. In January 2023, he changed his name to ‘Mr Tweet’.
Previously, he used the name Naughtius Maximus as a nickname for a short time. This is not unusual for Musk as he is known to use social media in an unorthodox way that ties in with his love of cryptocurrency and meme coins.
Market risks and prospects
However, the hype-driven rise of Kekius Maximus is raising concerns among traders about the token’s viability. Such parabolic price movements are often followed by steep sell-off retracements as short sellers take their profits.
However, analysts have noted that if Kekius Maximus doesn’t have a specific purpose or an underlying foundation, then he may have trouble moving forward. Trading volume of $52.8 million, while a good indicator, also indicates short-term trading rather than long-term investment sentiment.
Regardless, Kekius Maximus brought up the fact that meme-based cryptocurrencies are still in high demand. Elon Musk remains active in meme culture and therefore the crypto community should prepare for more volatility and opportunity.
