An unexpected surge in the market cap of Ethereum-based memecoin KEKIUS occurred when Elon Musk temporarily updated his profile information. The Tesla CEO transformed his online identity into “Kekius Maximus”, a comical blend of popular internet meme Pepe the Frog and fictional figure Maximus Decimus Meridius from the 2000 blockbuster Gladiator. Musk’s whimsical gesture resulted in one fortunate memecoin trader multiplying an initial investment of $66 into an extraordinary $3 million within a timeframe of just 18 days.
The fortunate trader procured 10.17 million of the Kekius Maximus (KEKIUS) tokens roughly 18 days prior, and later sold 2.81 million at 60.3 Ether while retaining the rest, according to information disclosed by Lookonchain blockchain analytics firm. This sudden influx of activity resulted in an impressive 45,900-fold paper gain.
Data from Etherscan reveals that KEKIUS was first formed on Dec. 13, steadily increasing in value reaching $11.4 million on the last day of the year, before peaking at $380 million on Jan. 1, per CoinGecko data. Interestingly, Musk shared a slew of images featuring the Pepe the Frog character dressed as a Roman gladiator. One particular post garnered over 48.2 million views, further fueling interest in KEKIUS.
However, the market bubble began to deflate once Musk reverted his profile back to its original state, leading the market cap to plummet down to $100.5 million. Nonetheless, the KEKIUS tokens still hold appeal for over 23,600 investors.
Despite the frenzy around KEKIUS, other memecoins linked to Kekius Maximus – specifically those launched on Solana – did not receive the same level of interest from traders as noted by DEXScreener. On a more serious note, Musk found himself dealing with an unexpected incident on New Year’s Day when a Cybertruck produced by his company, Tesla, exploded outside a Las Vegas hotel. Authorities are currently investigating the explosion as a potential act of terrorism.