Kekius Maximus Meme Coins Plunge on Ethereum and Solana After Elon Musk’s Profile Update

The meme coin frenzy surrounding Kekius Maximus on Ethereum and Solana has come to a screeching halt. The token’s market cap plummeted from $380 million to $77 million after Elon Musk removed the character from his X account’s name and avatar.

What is Kekius Maximus?

Kekius Maximus, launched on December 14, is a unique blend of crypto jargon and pop culture. The term “Kek” is a colloquialism in the crypto world, referring to something humorous or absurd, while “Maximus” pays homage to the main character in Ridley Scott’s Gladiator (2000).

The Rise and Fall of Kekius Maximus

When Elon Musk briefly adopted the Kekius Maximus name for his X page, referencing it in a tweet and again on New Year’s Eve, the Ethereum-based token surged over 30-fold, from $0.01 to $0.39. However, the hype was short-lived, as the token’s value tumbled to $0.07 shortly after traders noticed Musk’s social media changes.

Copycat tokens on Solana also collapsed as the hype surrounding Kekius Maximus dissipated. Elon Musk clarified that the name change was made to focus on pressing U.S. issues, following an incident involving a rented Tesla Cybertruck exploding outside the Trump Hotel in Las Vegas.

Winners and Losers in the Kekius Maximus Saga

As with many meme coins, Kekius Maximus turned some early investors into millionaires—at least on paper. However, not all of the 24,000 holders realized gains before the token’s price collapsed.

Some notable examples include:

  • One buyer cashed out $2.3 million in profits.
  • Another trader missed out on 45,906% returns, booking $201,000 instead of a potential $3 million.

Turned $66 into $3.05M in just 18 days, a 45,906x return!

This serves as a reminder of the risks and potential rewards associated with investing in meme coins and the importance of staying informed about market trends.

For more news and updates on the world of cryptocurrencies and blockchain, visit Global Crypto News.

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