Elon Musk Sparks and Deflates Memecoin Hype
The Ethereum-based Kekius Maximus memecoin experienced a sharp 75% drop in value after Elon Musk changed his X profile name back from “Kekius Maximus.” The coin’s market cap had soared to $380 million after Musk temporarily adopted the name on New Year’s Eve.Traders See Rapid Gains and Losses
A trader who invested $66 in KEKIUS during its launch saw unrealized gains exceed $3 million, but they failed to cash out before the crash. Another trader successfully realized $2.3 million in profits before the token’s market cap plummeted by over $300 million.Volatility in Memecoins Fueled by Celebrity Influence
The Kekius Maximus token highlights the speculative nature of memecoins, which often rely on hype and celebrity involvement. Despite the crash, the coin retains over 24,000 holders, demonstrating the enduring allure of meme-driven crypto assets.
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