Elon Musk has always been a crypto enthusiast and a mouthpiece about the landscape. People might agree that when Musk says something about crypto, people would drop whatever they are doing and listen to him.
He did not say anything this time, yet his online action changed the dynamic and led to the token price skyrocketing. In an interesting move, Musk changed the name of his X handle to Kekius Maximus. Besides the name change, Musk also updated the profile picture to Roman-style.
Although the billionaire did not present any explanation for this, it managed to send shockwaves through the industry, and soon, the landscape saw a major spike. Even though this is a unique way to promote a coin. Musk did not do this for the first time.
History Repeats Itself
Last year, Musk did something similar. He changed the profile picture of his social media handle to a golden armor-wearing Pepe the Frog. This immediately sent buyers into a frenzy, and the token saw a 498% surge in 24 hours. However, the token dipped sharply as Musk reverted to his identity.
The big question now is, “Who is Kekius Maximus?” This is primarily a meme-based crypto operating on the SOL and ETH blockchains. The meme confuses pop culture, ancient mythology, and gaming slurs. However, like every other meme coin, it lacks any real usage. Hence, the rise is volatile and cannot be taken at face value.
The financial link between the rise of meme coin and Musk’s social media activity is dicey. While the current popularity is meteoric, it can be short-lived or as long as Musk is on the bandwagon. Hence, now is the best time to ride the waves cautiously. Otherwise, the slump could arrive, and that can be catastrophic.
