A frog-themed memecoin is up massively after billionaire Elon Musk modified his username on the social media platform X.
In keeping with Musk’s X profile, his identify has been changed to “Kekius Maximus,” a imprecise reference to the frog-headed Egyptian god Kek, whose identify has been used to convey laughter by avid gamers and web customers.
Kek has additionally been related to Pepe the Frog, a cartoon character who impressed the $8.1 billion market cap memecoin PEPE.
The Tesla CEO’s abrupt identify change led to a staggering surge for Kekius Maximus (KEKIUS), an Ethereum-based frog-themed altcoin, which skyrocketed by over 32,000%, going from $0.00123 on December 30 to a peak of $0.40 on January 1st.
The meme asset has since retraced and is buying and selling for $0.264 at time of writing whereas its market cap burgeoned to over $250 million.
Musk – a longtime proponent of meme belongings corresponding to Dogecoin (DOGE) – didn’t specify a motive for altering his deal with on X.
The enterprise magnate, who will quickly be President-elect Donald Trump’s head of the “Division of Authorities Effectivity” DOGE, was as soon as accused of manipulating the value of DOGE through a pump-and-dump scheme. Nonetheless, that lawsuit was dropped final November.
The choose within the case dominated that Musk’s earlier feedback towards Dogecoin – which included him saying that it’d change into the usual for a worldwide monetary system and the forex of the web – have been “aspirational and puffery, not factual and inclined to being falsified,” and thus couldn’t be the idea for a lawsuit.
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