Kekius Maximus Loses 60% of Value After Whale Dump
Meme coin Kekius Maximus experienced a significant price decline, losing 60% of its value from $0.0057 to $0.0012 after a massive whale dump. This event follows a price rally triggered by Elon Musk’s name change on his X account.
Reasons for the 60% Price Drop
Elon Musk changed his X handle to Kekius Maximus on New Year's Eve, sparking interest due to the term "Kekius," which is derived from internet slang "kek" meaning "lol," and "Maximus," referencing the Roman general. Following this, market analysts launched the Kekius Maximus meme coin on Solana, resulting in a nearly 1,000% increase on the first day. However, after Musk reverted to his original handle, a significant whale dump occurred.
According to GMGN, following Musk's update to the Kekius Maximus Twitter profile, the token saw a rapid decline. A whale identified as 0x82…31cc sold off holdings, leading to the token's drastic drop within an hour, securing a profit of $2.3 million.
Investors should exercise caution regarding the KEKIUS pump and dump while considering the risks involved. Kekius Maximus joins other Solana-based meme coins that have rapidly gained traction. The KEKIUS coin was launched on January 1, coinciding with Musk's name change; however, similar meme coins have been actively traded recently.
Trader Gains $2.86M from KEKIUS Token in 18 Days
A trader known as "0x3b7" reportedly earned $2.86 million—a 1,700x return—in just 18 days trading KEKIUS tokens, likely due to insider knowledge. Trading commenced on December 14, 2024, when the trader acquired 35.58 million $KEKIUS for 0.5 ETH (approximately $1,963), according to Spot on Chain. Key transactions include:
- On December 16, the trader sold 10.13 million tokens for 4.91 ETH ($19.4K).
- Over the next two days, the remaining 25.26 million tokens were sold for 843 ETH ($2.83 million) amid a 4,300% price surge attributed to Musk's temporary name change.
The final sale of KEKIUS holdings occurred just before today's 60% crash in price, resulting in total earnings of approximately 850 ETH ($2.86 million), marking one of the most profitable trades in the meme coin market this month.