Key Takeaways
- Elon Musk’s profile picture change led to a $400 million market cap for Kekius Maximus.
- The token’s value plummeted 80% within minutes of Musk reverting the change.
- Thousands of holders suffered substantial losses, with one losing nearly $1 million.
Elon Musk’s online antics have once again rattled the crypto market.
The tech mogul’s brief name change to Kekius Maximus fueled a frenzy that birthed hundreds of memecoins—especially KEKIUS, which skyrocketed to a $400 million market cap.
Musk’s Antics Wipe 80% Off Kekius Maximus Market Cap
On Jan. 1, Elon Musk briefly changed his X profile name and picture to “Kekius Maximus.”
While Musk offered no immediate explanation for the name or his new profile image, it inspired a flood of memecoins.
One token, KEKIUS, particularly absorbed most of the volume, skyrocketing to a $400 million market cap.
However, the euphoria was short-lived.
Minutes after Musk reverted the change, KEKIUS plummeted, losing 99% of its value and crashing to a $2 million market cap.
The fallout was dramatic.
One unlucky user swapped $1.2 million worth of PEPE for 4.23 million KEKIUS, only to see the value evaporate in hours.
Meanwhile, another user turned a $67,000 ETH investment into a $2.3 million windfall.
This isn’t the first time Musk has shaken the crypto world.
Musk’s Enduring Market Grip
The tech mogul Musk was at the forefront of memecoin mania in the 2020-21 bull cycle and has since attracted several civil lawsuits alleging market manipulation.
Musk’s influence on the crypto industry dates back to his support for Dogecoin (DOGE) during the 2021 bull cycle.
His tweets helped Dogecoin gain mainstream credibility and surge by over 1,000%, marking a turning point for meme tokens as investment assets.
While critics speculated Musk’s sway had diminished, his recent antics prove otherwise.
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