Elon Musk, billionaire entrepreneur and CEO of Tesla and SpaceX, has as soon as once more rattled the crypto market with a easy identify change on his X account. This time, Musk renamed his official profile to “Kekius Maximus” and changed his avatar with a PEPE frog wearing vintage armor holding a gaming controller. Whereas the eccentric tech magnate has not supplied an evidence, the sudden shift has fueled intense hypothesis.
One of many largest beneficiaries of this improvement is a comparatively unknown memecoin, additionally referred to as Kekius Maximus (KM). Notably, mere hours earlier than Musk’s rebranding, an nameless dealer made a noteworthy buy that led to an enormous windfall. On-chain evaluation agency Lookonchain (@lookonchain) reported by way of X:
“What a fortunate dealer—or maybe an insider! 9 hours in the past, he spent $4,360 to purchase 18.15M KM. Only one hour in the past, Elon Musk modified his profile identify to Kekius Maximus, sending the value of KM hovering by ~17,000%. The 18.15M KM he purchased is now value $638K!”
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Whether or not the timing was pure coincidence or one thing extra coordinated stays an open query. As of press time, there is no such thing as a indication that Musk has any direct affiliation with the token. But the dealer’s sensational profit underscores the often-unpredictable relationship between Musk’s on-line antics and sudden market actions.
As of press time, Kekius Maximus (KM) is buying and selling at $0.03087, representing a staggering 12,533% improve prior to now 24 hours. Its market capitalization has shot as much as $30.87 million, whereas day by day buying and selling quantity has surged to roughly $103.51 million.
Nonetheless, opposite to claims from some crypto media shops, Musk’s identify change has no connection to the memecoin itself, and there’s no affiliation. As soon as once more, it’s a lucky shock for sure crypto merchants.
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Remarkably, this isn’t the primary time Musk has generated a frenzy along with his identify or profile modifications. Previously, he has adopted monikers like Mr Tweet, Naughty Moniker, and Naughtius Maximus. In April 2023, he famously changed the Twitter fowl brand with the Dogecoin Shiba Inu canine, inflicting a temporary DOGE price spike.
Concerning his newest adoption of the time period “Kekius Maximus,” numerous interpretations abound inside on-line communities. “Kek” traces its origins to World of Warcraft’s auto-translation of “LOL,” evolving right into a broader web meme. “Pepe the Frog” is equally intertwined with “Kek,” having been adopted by assorted on-line subcultures over time. The notion of “Kekistan”—a fictional web “nation” that performs on cultural satire as a satirical response to identification politics, whereas the flag of Kekistan mimics a German conflict flag.
Not too long ago, Musk has made vital waves in German politics by expressing assist for the Different for Germany (AFD). The mainstream media and different political events have strongly criticized Musk’s actions, whereas he himself has reaffirmed his stance by agreeing to an interview with AFD chief Alice Weidel. Nonetheless, whether or not there’s a broader context to those actions stays purely speculative.
Featured picture from X, chart from TradingView.com