As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless instances where popular culture and celebrity influence can significantly impact investment decisions – often with unpredictable results. The recent name change by Elon Musk on social media X from “Kekius Maximus” to his original name serves as a prime example of this phenomenon.
The surge in the value of meme coins associated with “Kekius Maximus” following the name change and subsequent retracing of those gains is not an unusual occurrence, given Musk’s penchant for engaging with meme culture and his considerable influence over the crypto market. However, it is essential to approach such investments with caution, as the rapid fluctuations in value can result in substantial losses for unsuspecting traders who fail to exercise due diligence.
In this case, the investor “rektdolphin.eth” learned a hard lesson about the perils of FOMO (Fear Of Missing Out) and the importance of conducting thorough research before making investment decisions. The loss of $1 million in just 12 hours serves as a stark reminder that investing in meme coins, or any asset class for that matter, requires a strategic and measured approach rather than blindly following trends or hype.
On a lighter note, I can’t help but chuckle at the irony of Musk’s influence over the crypto market – from boosting Dogecoin‘s price through his tweets to causing meme coins like Kekius Maximus to soar and then plummet based on a simple name change. It seems that in this digital age, even our names can have significant monetary value! As always, the crypto market remains unpredictable, but one thing is for certain – it never ceases to amaze me.
As a researcher, I’ve noted an intriguing shift in the identity of the renowned American entrepreneur and Tesla CEO, Elon Musk, on the social media platform X. On New Year’s Eve, he temporarily changed his name from Elon Musk to “Kekius Maximus.
The switch to Kekius Maximus caused a rapid increase in the worth of meme coins with similar themes. Yet, it appears that these meme coins are currently reversing course, as Musk has changed his X-handle yet again.
Musk’s Name Change Sends Meme Coins Soaring—And Then Falling!
Over the previous 24 hours, the value of the Kekius Maximus coin plummeted by almost 50%, following Elon Musk’s name change on X. At the time of reporting, the meme coin was being traded at around $0.09217. Despite this recent drop, it’s worth noting that over the past week, KEKIUS has seen a staggering increase of more than 6,000%, and its market capitalization currently stands at approximately $92 million.
Many investors in Kekius Maximus, who jumped on the bandwagon following its sudden rise in fame, are currently experiencing financial setbacks.
62 billion PEPE tokens, equivalent to approximately $1.2 million, were swapped by rektdolphin.eth for 4.23 million KEKIUS 12 hours ago. The current worth of this transaction is around $290,000. This underscores the risk of jumping into hype without proper analysis. An analyst on Twitter pointed out that over $1 million was lost in just 12 hours.
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.”
Other frog-themed meme coins followed suit, as they’ve mostly reversed the growth seen on New Year’s Eve.
On December 31st, Kekius Maximus and various other meme coins themed around frogs experienced a significant surge following Elon Musk’s name change on X. As per CoinGecko, the market cap of these frog-themed coins peaked at an impressive $11.8 billion.
Kekius Maximus is a well-liked internet joke that blends Pepe the Frog and the character Maximus from Gladiator. Notably, Elon Musk, who has shown appreciation for meme-based currencies, also shared a post stating, “Elon Musk has become Kekius Maximus.
Musk updated his profile photo on X to depict Pepe the Frog, who is portrayed as playing a video game with a joystick in hand.
Or simply:
Musk switched his X profile picture to an image of Pepe the Frog gaming with a joystick.
On several occasions, the head of Tesla has altered his Twitter username. In January 2023, he chose “Mr.Tweet” as his new display name. Previously, he also switched his ‘X’ handle to “Naughtius Maximus.
As an analyst, I’ve observed that Elon Musk, the tech tycoon who leads both Tesla and SpaceX, has not shied away from making waves in the crypto market before. In fact, he’s a known advocate for Dogecoin, the dog-themed cryptocurrency, and his tweets have significantly impacted its price on numerous occasions.
In 2021, Dogecoin surged after Musk said it is the people’s crypto.
Lately, in November, Elon Musk shared a Doge-themed meme. While his comment was aimed at the Department of Government Efficiency, this momentarily triggered an increase in the value of the cryptocurrency Dogecoin as well.
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2025-01-02 08:44