Elon Musk changes X account name and avatar
KEKIUS saw its market capitalization skyrocket by 184 times in just one hour
Elon Musk’s recent change to his X account name to "Kekius Maximus" has set off a firestorm of speculation in the cryptocurrency world.
The move, which included a new avatar featuring the iconic “Pepe the Frog” meme, quickly gained attention and raised eyebrows, particularly when it appeared to coincide with an extraordinary surge in the market cap of a memecoin named after his new profile persona.
Explosive Surge in Kekius Maximus
Shortly after Musk's profile update, the memecoin Kekius Maximus (KEKIUS) saw its market capitalization skyrocket by 184 times in just one hour. From a modest $54,000, it surged to an astounding $10.4 million, with its current market cap surpassing $130 million.
Loading...
This rapid increase has sparked suspicions of insider trading, particularly after blockchain analytics firm Lookonchain highlighted a transaction where a trader had purchased 18.15 million KEKIUS tokens just hours before the price surge, turning a $4,360 investment into over $638,000.
Loading...
The uncanny timing of the profile change and the subsequent price spike has fueled rumors of potential market manipulation, raising questions about whether Musk, a known influencer in the crypto space, had insider knowledge or whether the price movement was purely coincidental.
Musk's influence on crypto markets
Musk, who has previously been linked to significant market movements in the cryptocurrency world, continues to command immense influence. His Twitter posts, changes in profile details, and public statements often lead to sharp fluctuations in asset prices. This latest incident involving Kekius Maximus further solidifies his hold on the crypto market, while also intensifying calls for regulatory scrutiny in light of the apparent connection between Musk’s actions and the coin's surge.
As the investigation into potential insider trading unfolds, the episode serves as a reminder of the power held by influential figures in the cryptocurrency space and the need for clearer guidelines around market manipulation.
It's also interesting to know: Elon Musk adds fuel to rumors of SBF pardon.
