Elon Musk’s recent alterations to his social media platform X profile have led to a significant decline in the value of an Ethereum 
$2,486-based memecoin called Kekius Maximus (KEKIUS). On the first day of the new year, Musk reverted his profile name and image, changing it back to “Kekius Maximus.” Following this shift, the price of the altcoin quickly plummeted.
Stark Decline from All-Time Highs
Before Musk’s profile name change, the Kekius Maximus memecoin experienced a substantial rise. Launched on December 14, KEKIUS saw its value soar over 30 times after Musk renamed his X account to “Kekius Maximus.”
According to data from the cryptocurrency tracking platform CoinGecko, the altcoin’s market cap surged from about $12 million to $380 million. This sharp increase pushed KEKIUS’s price from $0.01 to $0.39. However, after Musk’s profile name change, KEKIUS lost 75% of its value, dropping to $0.077 and reducing its market cap to $77 million. Currently, the altcoin trades at $0.157.
Many Investors Failed to Cash Out on Their Gains
During this period, some investors made significant profits. For instance, an investor who bought KEKIUS at launch for $66 realized over $3 million in profit earlier this week but could not convert that gain into realized profits before the crash. Conversely, a quicker-thinking investor managed to secure $2.3 million in earnings before the decline.
Blockchain analysis firm Lookonchain and the GMGN platform provided detailed reports on these profits. Despite the downturn, over 24,000 investors still remain involved with the altcoin. Musk’s profile changes coincided with a more serious incident, as the Tesla CEO was preoccupied with announcements regarding a Tesla vehicle explosion in front of the Trump Hotel in Las Vegas.
