Elon Musk has changed his X profile name back to “Elon Musk,” leading to a significant drop in the Ethereum-based memecoin $KEKIUS, which fell nearly 80% in a short period. Its market value after the sudden move was reported at $104.9 million.
Kekius Maximus Based Memecoins Dip After Elon Musk Reverts
This ‘name-changing’ move also impacted other memecoins associated with the KEKIUS concept on the Solana network. For instance, KM experienced a sharp price drop of over 80% within 24 hours, bringing its market value down to $2.3 million.
Currently, $KM is trading at $0.002912 after a 76.51% dip in the past day. The token’s 24-hour trading volume has declined to $25.98 million, while its market capitalization has fallen to $3.04 million.
Previously, we reported that Elon Musk had changed his X profile name and picture to “Kekius Maximus,” triggering a massive surge in KM’s value. In fact, as soon as Musk used the meme reference as his new nickname on X, crypto traders seized the opportunity to launch several Kekius Maximus tokens on the same day.
Moreover, when Musk briefly used PEPE memecoin’s profile picture, PEPE experienced a price surge as well.
The crypto market is no stranger to Elon Musk’s subtle hints causing sudden jumps in token prices. Musk’s playful endorsement of Dogecoin remains a classic example of his influence on crypto space.
Following Musk’s recent decision to revert his profile name from “Kekius Maximus” back to his own name, all Kekius-based tokens have experienced a sharp decline, highlighting once again the volatility of memecoins. This episode further iterates the importance of utility as the core of the crypto market.
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