Memecoin Surge: Elon Musk’s Name Change Triggers 736% Gains

Tesla and SpaceX CEO Elon Musk has once more raised eyebrows online, this time by updating his display name on X to Kekius Maximus. Musk changed his profile picture to Pepe. Pepe is the Frog meme where the frog is dressed like a warrior and is holding a joystick. Memecoins have reacted the way they do to Musk’s recent gig.

This move caused a stir in the crypto market causing Kekius Maximus price to surge by over 736% in a matter of hours.

Kekius Maximus Token Soars Over 500%

Kekius Maximus (KEKIUS) another memecoin that has not attracted much attention in the market. It has risen by more than 736% in the last 24hours due to Musk’s actions.

The value went up from $0.009673 to $0.1139, while trading volume hit $52.86 million.The market cap rose past $101.5 million, showing that both small-time and big-time investors were in on the action. The event highlights how Musk continues to influence the market with his actions.

Traders Reap Massive Profits

Musk’s memecoin antics have made millionaires in a matter of 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 $535000 in profit while keeping the majority of his tokens.

Another trader cashed out at $167,000 after investing $434 in the Kekius Maximus-themed memecoin making it a 14,000% return on investment. 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 pace of growth, there are, of course, some dangers. Professionals advise that such parabolic price movements are usually short-lived and result in sharp fluctuations due to selling pressures.

Elon Musk’s Influence Fuels Memecoin Frenzy Once Again

The impact of Elon Musk on cryptocurrency markets is known. From Dogecoin to Floki Inu, Musk has time and again used his powers to spark price swings. The latest alias he has claimed for himself, Kekius Maximus, seems to be just the same, creating a cultural and a financial fad.

Besides that, another similar situation occurred last year.d over 736% in the past 24 hours following Musk’s actions. The price skyrocketed from $0.009673 to $0.1139, with trading volumes reaching $52.86 million.

In addition to that other simillar incident happened  last year. In January 2023, he changed his name to ‘Mr Tweet’.

Before, he also used the name Naughtius Maximus as a nickname for a short time. This is not uncommon for Musk as he has been known to use social media in an unorthodox manner that ties into his love for cryptocurrency and meme coins.

Market Risks and Outlook

However, the hype-driven rally of Kekius Maximus raises concerns on the sustainability of the token among traders. 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 lacks a specific purpose or does not have a fundamental basis, then it may have trouble progressing.The $52.8 million trading volume, although is a good indicator, is also indicative of short term trading than long term investment sentiment.

Nonetheless, Kekius Maximus has brought out the fact that meme-based cryptocurrencies are still very much in demand. Elon Musk remains active in meme culture and therefore the crypto community should prepare for more volatility and opportunity.