Kekius Maximus Memecoin Dips 70% After Elon Musk Changes X Profile Name

Ethereum frog-based memecoin Kekius Maximus’s market cap has fallen nearly 70% in the last 24 hours following Elon Musk’s X profile name change. It has gone from an all-time high market cap of $380 million to $121 million, according to CoinGecko data.

The memecoin’s price surged by over 3,000% to $380 million from $12 million after Elon Musk changed his X profile name to Kekius Maximus on Dec. 31st and endorsed it with a series of tweets. First, a picture of a frog in knight armor with the caption “Brothers in arms” and another saying Kekius Maximus will soon reach level 80 in hardcore PoE.

However, the joy was shortlived after Musk changed his name on Jan. 1, immediately sending the coin dipping by over 50% to a $82 million market cap. It reverted briefly to $170 million on Jan. 2, before dipping again to around $121 million currently.

Despite the memecoin’s massive dip, one trader made a 45,906x return in just 18 days, turning $66 to $3.05 million.

According to Lookonchain data, the trader bought 10.17 million KEKIUS for 0.017 ETH, or approximately $66, and sold 2.81 million KEKIUS for 60.3 ETH, or roughly $201,000. This left 7.37 million KEKIUS, or $2.85 million.