On December 31, according to BeInCrypto's records, billionaire Elon Musk unexpectedly changed the name of his X account to Kekius Maximus. As an inevitable consequence, the price of the coin called Kekius Maximus (KEKIUS) also recorded an increase of nearly 500%.
Kekius Maximus price surges thanks to Elon Musk
Recently, an unexpected development has been created by the Tesla CEO. Elon Musk has updated his X (formerly Twitter) account, changing his name from "Elon Musk" to "Kekius Maximus". The Tesla CEO has also replaced his profile picture with the "Pepe the Frog" meme. In the new image, the Pepe character is seen holding a controller, playing a video game.
After this move by Elon Musk, a project called Kekius Maximus (KEKIUS) has also attracted the attention of investors in the cryptocurrency market. At the time BeInCrypto wrote this article, the KEKIUS price was traded at $0.07851 after dropping more than 40% from the peak level set just minutes earlier ($0.09274). Nevertheless, the current price has also shown an increase of nearly 500% in the past 24 hours, bringing the project's market capitalization to over $74 million.
The surge in KEKIUS price has also led to a notable trading volume. BeInCrypto's observation shows that the 24-hour trading volume of this coin has reached nearly $43 million. Meanwhile, in the previous days, the trading volume was below $1 million.
Not only has the KEKIUS price surged dramatically, BeInCrypto's observation also shows that many coins with similar names to Kekius have also seen strong growth in a short period of time. Data shows that a Solana-based meme coin called Kekius M (KM) has soared more than 12,600%, with a market capitalization exceeding $45 million and the coin currently trading at $0.032.
In the cryptocurrency market in general, Elon Musk is always seen as the one who triggers "shilling" of new coins. Previously, Dogecoin (DOGE) also built its position today thanks to Musk. The developments regarding Musk's name change and new profile picture may signal his involvement in the cryptocurrency field.
We cannot deny the influence of celebrities like Elon Musk in this market. However, such projects usually come with rapid growth but also quick decline. Therefore, investors also need to be cautious, avoiding excessive FOMO, which can lead to unnecessary losses.
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