Elon Musk's temporary name change to "Kekius Maximus" on the social media platform X sparked a wild surge in certain meme coins. These coins, themed around his new name, initially saw massive gains but faced a dramatic drop when Musk reverted to his original name.
The Kekius Maximus coin plummeted nearly 50% in 24 hours, highlighting the volatility fueled by Musk's influence. Investors who jumped on the trend hoping for sustained profits are now enduring significant losses.
Market analysts caution against hype-driven trading, with one pointing out the dramatic loss faced by a trader who swapped $1.2 million worth of PEPE for KEKIUS, only to see its value dwindle to $290,000 in just 12 hours.
This event underscores Musk's ongoing impact on the crypto market, reminiscent of his influence on Dogecoin, where his tweets previously triggered price spikes.
Musk's other playful online identities have similarly caused ripple effects in the digital currency world, though not without risks.
