Elon Musk, the well-known billionaire and CEO of Tesla, recently caused a stir in the cryptocurrency world with a social media post that temporarily sent the price of a memecoin called Kekius Maximus soaring by 900%. Musk changed his profile picture and name on X (formerly Twitter) to reference this cryptocurrency, which jumped to an all-time high of $0.4011. However, after reverting his changes, the coin’s value plummeted by over 60%, leaving it at $0.1363. This isn’t the first time Musk’s posts have impacted crypto prices; his past endorsements, especially for Dogecoin, have led to significant Market movements.
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Elon Musk, the crypto-friendly billionaire and CEO of Tesla, has once again made waves in the cryptocurrency world with his enigmatic social media activity. His latest post spurred a notable pump-and-dump of a meme-based cryptocurrency called Kekius Maximus.
On Tuesday, Musk changed his profile picture and name on X (formerly Twitter) to relate to Kekius Maximus. This action sent the coin’s price soaring by an astonishing 900%, reaching a peak of $0.4011. The sudden surge caught the attention of crypto enthusiasts, who quickly jumped on the opportunity. Just hours later, Musk took to X again, humorously stating, “Kekius Maximus will soon reach level 80 in hardcore PoE,” referring to the popular video game, Path of Exile 2.
However, after creating a buzz, Musk reverted to his original profile picture and name. This swift change led to a dramatic decline in Kekius Maximus’s value, dropping over 60% in just 24 hours to a trading price of $0.1363.
What is Kekius Maximus?
Elon Musk first mentioned Kekius Maximus earlier this month, and the term quickly gained traction. The cryptocurrency was launched following Musk’s reference, and its initial price of $0.0006923 skyrocketed by almost 20,000% since its debut.
Musk and His Affinity for Memecoins
This incident is not Musk’s first foray into the ever-fluctuating crypto Market. His social media endorsements have frequently caused drastic price shifts. A prime example is Dogecoin, a memecoin that Musk endorsed significantly in 2021, which propelled it to become one of the leading cryptocurrencies.
In conclusion, Musk’s influence on the crypto Market remains potent, with his recent activity reminding everyone of his stronghold in the world of digital currencies.
Tags: Elon Musk, cryptocurrency, Kekius Maximus, meme coin, Dogecoin, Market trends.
What happened when Elon Musk changed his name to Kekius Maximus?
When Elon Musk changed his name to Kekius Maximus, it created a lot of buzz on social media. Many fans and critics reacted, sharing memes and opinions. This shift in his persona added to his playful and controversial image.
Why did the crypto Market respond to this name change?
Musk’s name change sparked interest in crypto, leading to a quick rise in certain coins. People thought it was a joke or a strategy, which made them rush to buy, causing prices to jump.
What does “pumped and dumped” mean in crypto?
“Pumped and dumped” refers to a situation where the price of a cryptocurrency is artificially increased through hype and excitement, often caused by influential figures like Musk. Once the price peaks, those who bought in quickly may sell off their assets, causing the price to drop suddenly.
Did any specific cryptocurrencies get pumped after the name change?
Yes, several meme-based cryptocurrencies, such as Dogecoin and Shiba Inu, saw a surge right after Musk’s name change. Many investors were quick to buy in hope of making profits, only to find prices falling shortly after.
Is it safe to invest in crypto when trends like this happen?
Investing in crypto can be risky, especially during trends like this. Prices can change rapidly based on hype and social media buzz. It’s essential to do thorough research and not follow trends blindly.
