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Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has shaken up the cryptocurrency market once again with a simple name change on his X account. This time, Musk renamed his official profile to “Kekius Maximus” and replaced his avatar with a PEPE frog wearing vintage armor and holding a gaming console. While the eccentric tech mogul did not offer an explanation, the sudden transformation sparked intense speculation.
One of the biggest beneficiaries of this development is the relatively unknown memecoin, also called Kekius Maximus (KM). Notably, just hours before Musk’s rebranding, an anonymous trader made a noteworthy purchase that resulted in massive gains. On-chain analysis company Lookonchain (@lookonchain) I mentioned Via X:
“What a lucky trader – or maybe an insider! 9 hours ago, he spent $4,360 to buy 18.15 million KMs. Just an hour ago, Elon Musk changed his profile name to Kekius Maximus, sending the price of KMs up by almost 17,000% The value of the 18.15 million kilometers he purchased is now $638,000!
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Whether the timing is pure coincidence or something more coordinated remains an open question. As of press time, there is no indication that Musk has any direct connection to the token. However, the trader’s dramatic profit underscores the often unpredictable relationship between Musk’s online antics and sudden market movements.
As of press time, Kekius Maximus (KM) is trading at $0.03087, representing a staggering 12,533% increase over the past 24 hours. Its market value rose to $30.87 million, while daily trading volume rose to about $103.51 million.
However, contrary to the claims of some crypto media outlets, Musk’s name change has no connection to memecoin itself, nor is there any affiliation. Once again, it’s a lucky surprise for some cryptocurrency traders.
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It is noteworthy that this is not the first time that Musk has stirred up a state of madness about changing his name or profile. In the past, he has adopted nicknames such as Mr Tweet, Naughty Moniker and Naughtius Maximus. In April 2023, the Twitter Bird logo was replaced with a Dogecoin Shiba Inu dog, causing a temporary spike in DOGE prices.
Regarding his recent adoption of the term “Kikios Maximus”, various interpretations abound within online communities. “Kek” has its origins in World of Warcraft’s automatic translation of “LOL”, which evolved into a wider internet meme. “Pepe the Frog” is similarly intertwined with “Kek”, having been adopted by various online subcultures over the years. The idea of ”Kekistan” – a fictional online “nation” plays on cultural satire as a satirical response to identity politics, while the flag of Kekistan mimics the German war flag.
Recently, Musk made big waves in German politics by expressing his support for the Alternative for Germany (AFD) party. Mainstream media and other political parties strongly criticized Musk’s actions, while he himself affirmed his position by agreeing to an interview with AfD leader Alice Weidel. However, whether there is a broader context to these actions remains pure speculation.
Featured image of X, chart from TradingView.com