Crypto Trader Gains 17,000% Return After Musk’s X Name Change
Elon Musk, CEO of Tesla and SpaceX, recently changed his X account name to “Kekius Maximus” and updated his avatar to a PEPE frog in antique armor holding a gaming controller. This change has sparked speculation in the crypto market.
A notable outcome of this event is the surge in value of a memecoin named Kekius Maximus (KM). Prior to Musk's name change, an anonymous trader invested $4,360 to acquire 18.15 million KM tokens. Following the name change, the price of KM soared by approximately 17,000%, making the trader's investment worth around $638,000, as reported by on-chain analysis firm Lookonchain.
The correlation between Musk’s actions and market movements raises questions about whether the timing was coincidental or coordinated. Currently, there is no evidence linking Musk directly to the token. As of now, Kekius Maximus (KM) trades at $0.03087, reflecting a 12,533% increase over the past 24 hours, with a market capitalization of $30.87 million and a daily trading volume of about $103.51 million.
Despite some media claims, Musk’s name change does not indicate any affiliation with the memecoin. His previous profile changes have similarly affected cryptocurrency markets, including a notable incident in April 2023 when he replaced the Twitter bird logo with the Dogecoin Shiba Inu dog, leading to a temporary spike in DOGE prices.
The term “Kekius Maximus” draws connections to internet culture, with “Kek” originating from World of Warcraft as an auto-translation for "LOL," and “Pepe the Frog” being associated with various online subcultures. The concept of “Kekistan,” a fictional internet nation, satirizes identity politics and features a flag resembling a German war flag.
Additionally, Musk has recently made headlines in German politics by expressing support for the Alternative for Germany (AFD) party, drawing criticism from mainstream media and political figures. His continued engagement in these discussions remains speculative.