On New Year’s Eve, Elon Musk struck again.
The billionaire businessman and frequent social media provocateur has once again shaken up the cryptocurrency market, changing his X (formerly Twitter) profile name to “Kekius Maximus” and replacing his avatar with an armored depiction of Pepe the Frog.
His tribute to Pepe, a beloved figure in meme culture, shocked the memecoin market. Overnight, Musk’s tweet did the following:
- The birth of a new meme coin, Kikius Maximus
- PEPE prices rise by 20%
- Interest in frog-themed meme coins has been revived Wall Street Baby
With a simple profile picture, Musk proved he’s still the master of memes, from “Doge” to “Pepe the Frog” and now “Kickius Maximus.”
Market impact of Musk’s move
Musk’s profile update led to the birth and meteoric rise of Kekius Maximus (KEKIUS), a meme inspired by his new persona.
KEKIUS saw a staggering 1200% price increase and trading volume of over $5 million in just 24 hours.
Meanwhile, Pepecoin (PEPE), another token associated with the popular frog meme, has seen a rally of its own, rising 3.4% in the past week.
Memes make money, and they resonate with society
Originally created by artist Matt Furie, Pepe the Frog has transcended its roots in internet meme culture to become a symbol of the ever-evolving relationship between digital culture and financial markets.
Musk remains eager to engage with these images, highlighting the power of meme culture in the cryptocurrency market.
Just a few steps — like changing your profile picture — show how meme culture can shape real-world economic phenomena.
Musk’s actions underscore the power of celebrity endorsements and social media to influence investor behavior and market sentiment.
PEPE STRENGTH, WEPE’S BIG MOVES?
For Elon Musk, there’s always a big question: What’s next?
Changing his name to Kekius Maximus shows the appeal of frog-themed coins. The value of $PEPE rose on the back of Musk’s tweets, while the value of $PEPU rose – Baby is unrestrained – There was an increase in trading immediately after that, as trading volume increased by 16%.
Elon Musk’s hilarious interaction with meme culture continues to blur the lines between humor and finance and paves the way for other meme coins to make big moves.
Wall Street BabyIt looks like $WEPE is ready to continue his winning streak of frog-themed memes. The ongoing presale, expected to end sometime in early 2025, has raised more than $38 million.
A $1,000 investment in $PEPE in early March 2024 would have returned approximately $2.2K by the end of the year. That’s a potential gain of 119.4% in nine months.
No investment is a sure thing. Make sure to do your own research and don’t take anyone’s word for it, even Elon Musk’s.
But it’s worth asking: Is $WEPE positioned to be the next big green winner?