Elon Musk's X Profile Name Change Sends Kekius Maximus Memecoin on Rollercoaster Ride
The cryptocurrency world experienced a dramatic fluctuation this week as the value of the Ethereum-based memecoin Kekius Maximus (KEKIUS) surged and then plummeted following Elon Musk's brief adoption and subsequent reversion of the name on his X (formerly Twitter) profile.
On New Year's Eve, Musk playfully changed his X handle to "Kekius Maximus," accompanied by a cryptic post, "Brothers in Arms." The name combines "kek," an internet slang term associated with humor and absurdity, with "Maximus," a clear reference to the iconic character Maximus Decimus Meridius from the film *Gladiator*. Musk had previously hinted at the change, mentioning “Kekius Maximus will soon reach level 80 in hardcore PoE,” referring to the video game *Path of Exile 2*, which he is known to enjoy.
This seemingly lighthearted move had a significant impact on the Kekius Maximus memecoin, which was created on December 14th. According to data from CoinGecko, the token's market capitalization skyrocketed from approximately $12 million to over $380 million at its peak, representing a price surge from $0.01 to $0.39. This surge also spurred the creation of numerous copycat tokens on the Solana blockchain, although none achieved the same level of success.
However, the memecoin's fortunes reversed sharply as quickly as they had risen. On New Year's Day, Musk reverted his X profile name back to his own, triggering a rapid sell-off. The value of KEKIUS plummeted by 75% in just over an hour, dropping to $0.077, reducing its market cap to $77 million. The token has since experienced a partial recovery and is currently trading around $0.157, according to CoinGecko.
The dramatic price swing created both winners and losers. Blockchain analytics firm Lookonchain reported that one trader who invested $66 in KEKIUS on its launch day saw their investment balloon to a paper profit of over $3 million. However, they were unable to capitalize on the full gain before the market downturn. Conversely, analytics platform GMGN highlighted another trader who successfully realized a profit of $2.3 million. Etherscan data indicates that the token still maintains a community of over 24,000 holders.
Musk's decision to revert his profile name coincided with his attention being drawn to a more serious event: an incident involving a rented Cybertruck containing fireworks and potentially a bomb outside the Trump Hotel in Las Vegas, as reported by Musk himself.
This episode underscores the significant influence social media and influential figures can have on the volatile cryptocurrency market. The rapid rise and fall of Kekius Maximus serves as a reminder of the inherent risks and potential rewards associated with investing in memecoins.