Elon Musk Ignites and Sinks Another Meme Coin Frenzy: The Rise and Fall of Kekius

Elon Musk, the famous mysterious billionaire known for his unpredictable online antics, has once again demonstrated his influence in the cryptocurrency market. This time, the brief interaction of Tesla's CEO with a meme coin inspired by Pepe, Kekius Maximus (KEKIUS), has caused a significant surge and a staggering decline, leaving traders stunned. A surge on New Year's Eve The drama began when Musk changed his Twitter name to "Kekius Maximus," a nod to an AI-generated meme describing the beloved internet figure Pepe the Frog as a dignified emperor. The meme, created by Twitter's AI tool Grok, had previously been shared by Musk, creating a significant stir among his large following. KEKIUS, which quietly debuted on the Ethereum blockchain with a modest market capitalization of $1.7 million on December 27, has seen its fortunes change overnight. Musk's mention of the meme, along with the announcement that his "Path of Exile" character will have the same name, has caused a 1,300% increase to $20 million. When Musk updated his Twitter profile picture and name to "Kekius Maximus" on New Year's Eve, the value of the meme coin skyrocketed. Investors rushed in, bringing KEKIUS to a staggering market capitalization of $400 million, a 3,000% increase in just 30 hours. Autumn begins But that excitement didn't last long. On January 1st, news of a tragic explosion involving a Tesla Cybertruck outside the Trump Hotel in Las Vegas broke out. The explosion, which law enforcement is currently investigating as a possible act of terrorism, claimed the life of the driver. Musk quickly restored his Twitter account to normal, focusing on the incident. "Tesla's entire senior team is currently investigating this issue," Musk tweeted, later clarifying that the explosion was caused by a large firework or bomb carried in the truck bed and not related to the vehicle itself. This sudden change in Musk's focus has terrified KEKIUS investors. Within a few hours, the value of this currency plummeted by 67%, from a peak of $400 million to just $95 million. In the next 10 hours, it will lose another 83%, causing many who bought at the highest level to suffer significant losses. A controversial shift in focus Since the explosion, Musk has not mentioned Kekius Maximus. Instead, he has shifted his attention to British politics, supporting the release of far-right activist Tommy Robinson, who is currently imprisoned for contempt of court. Musk has also voiced support for Reform UK, a controversial British political party. Elon Musk Effect This story emphasizes Musk's dual impact on digital assets. While his authentication can bring lesser-known currencies into the spotlight, it also causes extreme volatility for investors. The sudden collapse of KEKIUS is a clear reminder of the risks associated with pursuing the dominance of meme currencies driven by the authentication of celebrities. When Musk shifts his focus to addressing real-world crises and political root causes, the KEKIUS fever sinks into another chapter of the unpredictable 'Elon Musk effect' on the cryptocurrency market.