Elon Musk, the tech mogul known for his influence on cryptocurrency markets, has once again created a stir in the crypto world. After altering his profile name to “Kekius Maximus” and adopting a Roman-style frog avatar on platform X, the associated meme cryptocurrency saw an astonishing rise of almost 120% within a day. As per Binance’s data, the KEKIUS token went from an average of 0.025 to 0.0502 overnight.
Musk’s social media alterations have previously caused similar upturns in meme coin values. In December last year, he assumed the same alias with a golden-armored Pepe image, propelling KEKIUS nearly 500% higher in just one day. Musk’s followers typically interpret such changes as a signal to buy, leading to a swift influx of investment, followed by a scramble to sell when the hype subsides.
Following Musk’s most recent profile change, Binance reported a 119% jump in KEKIUS value within 24 hours. CoinMarketCap data confirms that the token reached a peak of 0.0502, up from approximately 0.025 a day earlier. However, this is still significantly below its initial launch price last year, when the token was trading at 0.25 before its first substantial crash.
The name “Kekius Maximus” is a blend of gaming slang, mythology, and popular culture. “Kek” is often used by gamers as a term for laughter, and it also alludes to an Egyptian frog god of chaos. The token operates on the Ethereum and Solana blockchains, and its creators aimed to combine memes, mythology, and pop culture into a playful package that fluctuates with Musk’s whims.
However, this pattern demonstrates the volatility of crypto markets when celebrities get involved. Such tokens do not offer a tangible product or service and are dependent entirely on hype. When the hype dies down, these tokens often collapse, posing a risk to investors who buy at peak prices. Regulatory bodies have expressed concern over such practices, warning that celebrity-driven hype can conceal underlying risks.
Earlier this month, Musk adopted a different name—“Gorklon Rust”—and the related GORK coin doubled in value. As usual, traders treated this as a buying signal, leading to a 100% spike in 24 hours, but the coin lost most of these gains once the novelty wore off.
Investors who closely follow these trends must remain vigilant. Such spikes can occur unexpectedly and reverse just as quickly. Some view these as short-term gambles, akin to casino plays, while others see them as entertainment. Regardless, it is evident that Musk’s profile changes continue to significantly impact the crypto market, and the influence he wields can disappear as swiftly as it emerges.
