Recent modifications made by Elon Musk to his social media profile on X have resulted in a notable drop in the value of Kekius Maximus (KEKIUS), an Ethereum-based memecoin. On January 1, Musk reverted his profile name and image back to “Kekius Maximus,” triggering a swift decline in the altcoin’s price shortly after the change.
What Happened Before the Price Plunge?
Prior to Musk’s announcement, Kekius Maximus had experienced a remarkable surge in its value. Since its launch on December 14, the memecoin saw its worth increase exponentially, skyrocketing over 30 times following Musk’s initial renaming of his account to “Kekius Maximus.”
Why Did Many Miss Their Profit Opportunity?
Data from CoinGecko reveals that KEKIUS’s market capitalization surged from $12 million to $380 million, with its price jumping from $0.01 to $0.39. However, after Musk’s shift, the altcoin lost around 75% of its value, plummeting to $0.077 and reducing its market cap to $77 million, with current trading prices at approximately $0.157.
Some investors managed to secure significant profits during this volatile time. For instance:
– An early investor who bought KEKIUS for $66 was able to see profits exceeding $3 million but failed to cash out before the crash.
– In contrast, a more astute investor managed to realize $2.3 million in profits before the downturn.
Despite the chaos, around 24,000 investors remain engaged with the altcoin. Additionally, Musk’s profile adjustments occurred concurrently with troubling news regarding a Tesla vehicle explosion in Las Vegas.
The recent developments surrounding Kekius Maximus highlight the unpredictable nature of the cryptocurrency market, where rapid gains can be swiftly followed by steep losses, reminding investors of the inherent risks involved in trading digital assets.
