American billionaire and Tesla CEO Elon Musk reverted to his original name on social media platform X after briefly changing it to “Kekius Maximus” on December 31.
This name change to Kekius Maximus triggered an immediate increase in the value of similarly themed meme coins. However, it looks like these meme pieces are now making a comeback as Musk changes his X handle name again.
Musk’s Name Change Causes Meme Coins to Skyrocket, Then Fall!
The Kekius Maximus coin was down almost 50% in the past 24 hours after Musk changed its name to X. The meme coin was trading at $0.09217 at press time. Nonetheless, KEKIUS was still up over 6,000% on the 7-day chart and its market cap was $92 million.
Few traders who invested in Kekius Maximus after it gained popularity overnight are now facing losses.
“rektdolphin.eth exchanged the 62 billion PEPE (~$1.2 million) for 4.23 million KEKIUS 12 hours ago (currently worth $290,000). This is why you shouldn’t FOMO into the hype. $1 million gone in 12 hours,” said one said the analyst on Twitter.
Another analyst added that the “reign” of Kekius Maximus came to an end.
“JUST IN: The reign of Kekius Maximus has ended. For now. Elon Musk is back on X.”
This decision impacted other frog-themed memecoins, as most of them began to trace December 31 earnings.
Earlier on December 31, Kekius Maximus and other frog-themed coins exploded after Musk changed his name to X. According to CoinGeckothe market capitalization of frog-themed coins even reached $11.8 billion.
Kekius Maximus is a popular Internet meme that combines Pepe the Frog and the character Maximus from the movie Gladiator. Musk, who is a known aficionado of coinsalso retweeted a post that says“Elon Musk is now Kekius Maximus.”
Musk also changed his profile picture on X to Pepe the Frog, holding a joystick and playing a video game.
The Tesla CEO has changed his name several times on Twitter. In January 2023, it changed his name to Mr. Tweet. Another time, he changed his nickname X to “Naughtius Maximus”.
Additionally, this is not the first time the billionaire entrepreneur behind Tesla and SpaceX has influenced the crypto market. Musk is a strong supporter of the dog theme Dogecoin and increased its price several times through his tweets.
In 2021, Dogecoin surged after Musk said it was the people’s crypto.
More recentlyin November, Elon Musk published a same representative Doge. Although it directly referred to the Department of Government Effectiveness, the piece itself Dogecoin also briefly pumped.
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