Elon Musk made waves on his platform X (formerly Twitter) when he adopted the moniker “Kekius Maximus” on his user handle on Dec. 31, 2024. This stunt reportedly caused a surge in the namesake frog-themed crypto meme coin, with some similarly themed ones gaining over 6,000%.
However, following the recent Tesla Cybertruck explosion outside the Trump International Hotel in Las Vegas which killed the driver and injured seven others on New Year’s Day, Musk changed the social media handle back to his own name. This caused prices of the meme coins to plunge, erasing gains and leaving late investors at a loss.
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Historically, Musk’s social media actions, like his support for Dogecoin, have repeatedly demonstrated his ability to sway cryptocurrency prices.
Reportedly, the Kekius Maximus coin was down nearly 50% over the past 24 hours after Musk changed his name on X. The meme coin was trading at $0.09217 at press time. Nevertheless, KEKIUS was still up over 6,000% on the seven-day chart, and its market cap touched $92 million.
What is a meme coin?
A meme coin is a cryptocurrency often created as a joke or parody, drawing inspiration from internet memes, humor, or pop culture. These coins typically lack serious technological purpose or long-term development plans.
Instead, their value is largely driven by social media trends, community engagement, and viral hype. Notable examples include Dogecoin (DOGE), which started as a meme featuring the “Doge” dog, and Shiba Inu (SHIB), often marketed as a “Dogecoin killer.”
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Meme coins are highly speculative and volatile, with their value fluctuating based on trends rather than actual technological innovations or utility. They carry significant investment risks.
One of the most famous meme coins, Dogecoin was originally created in 2013 as a joke based on the popular “Doge” meme, featuring a dog of the Shiba Inu breed. Despite its humble beginnings, it gained significant traction, partly due to endorsements from Musk.