Elon Musk, the American billionaire and CEO of Tesla, returned to his original name after temporarily changing his username on the social network X to Kekius Maximus. This name change on December 31 caused a rapid surge in the value of coins associated with this name, but after Musk returned to his previous name, the value of these tokens plummeted significantly. Market data shows that the value of the Kekius Maximus token (KEKIUS) has dropped over 55% in the last 24 hours, reaching $0.1078 at the time of writing. However, this token has still grown over 6,000% on a weekly chart, with a market value of $114.8 million. Some traders who had invested capital under the influence of this token’s rapid popularity are now facing heavy losses. An analyst on Twitter revealed that a trader named rektdolphin.eth converted all 62 billion of their PEPE tokens, worth about $1.2 million, into 4.23 million Kekius Maximus tokens. This asset is now only worth $290,000, indicating that the trader lost $1 million in 12 hours. Analysts believe that the KEKIUS token’s boom era has temporarily ended. Moreover, the value of other frog-themed meme coins has also decreased from their peaks on December 31. Kekius Maximus is a combination of the internet meme ‘Pepe the Frog’ and the character ‘Maximus’ from the movie Gladiator. Elon Musk, known for his interest in meme coins, had also changed his profile picture to an image of ‘Pepe the Frog’. Musk has previously had a significant impact on the cryptocurrency market by changing his username on X. In the past, his support for Dogecoin (DOGE) had led to an increase in the price of this cryptocurrency. For instance, in 2021, Dogecoin saw a remarkable price surge after Musk referred to it as the ‘people’s cryptocurrency’ in a tweet. You can track the prices of all tokens and cryptocurrencies live on the momentary price page.
