A recent surge in a frog-themed memecoin has caught the attention of investors and cryptocurrency enthusiasts alike. The catalyst behind this massive spike was none other than billionaire Elon Musk, who made a subtle yet impactful change to his username on the social media platform X.
Musk, known for his influence on the crypto market, altered his X profile name to “Kekius Maximus,” a nod to the frog-headed Egyptian god Kek. This deity has been associated with humor and laughter in online communities, particularly among gamers. Additionally, Kek has ties to Pepe the Frog, a popular cartoon character that inspired the multi-billion dollar memecoin PEPE.
The sudden rebranding by Musk led to a staggering increase in the value of Kekius Maximus (KEKIUS), an Ethereum-based altcoin with a frog theme. The token’s price skyrocketed by over 32,000%, surging from $0.00123 on December 30 to a peak of $0.40 on January 1st. Although the price has since retraced to $0.264, the market cap of KEKIUS has exceeded $250 million.
Musk, a vocal supporter of meme assets like Dogecoin (DOGE), did not offer a specific reason for the name change. His history with DOGE includes being accused of manipulating its price through a pump-and-dump scheme, although the lawsuit was dropped in November. The judge deemed Musk’s comments on Dogecoin as aspirational rather than factual, dismissing the basis for legal action.
As the crypto community continues to speculate on the implications of Musk’s involvement in meme assets, the market remains volatile and unpredictable. Investors are advised to exercise caution and stay informed on the latest developments in the cryptocurrency space.
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Image Source: Midjourney