A frog-themed memecoin is up massively after billionaire Elon Musk changed his username on the social media platform X.
According to Musk’s X profile, his name has been changed to “Kekius Maximus,” a vague reference to the frog-headed Egyptian god Kek, whose name has been used to convey laughter by gamers and internet users.
Kek has also been associated with Pepe the Frog, a cartoon character who inspired the $8.1 billion market cap memecoin PEPE.
The Tesla CEO’s abrupt name change led to a staggering surge for Kekius Maximus (KEKIUS), an Ethereum-based frog-themed altcoin, which skyrocketed by over 32,000%, going from $0.00123 on December 30 to a peak of $0.40 on January 1st.
The meme asset has since retraced and is trading for $0.264 at time of writing while its market cap burgeoned to over $250 million.
Musk – a longtime proponent of meme assets such as Dogecoin (DOGE) – did not specify a reason for changing his handle on X.
The business magnate, who will soon be President-elect Donald Trump’s head of the “Department of Government Efficiency” DOGE, was once accused of manipulating the price of DOGE via a pump-and-dump scheme. However, that lawsuit was dropped last November.
The judge in the case ruled that Musk’s previous comments toward Dogecoin – which included him saying that it might become the standard for a global financial system and the currency of the internet – were “aspirational and puffery, not factual and susceptible to being falsified,” and thus could not be the basis for a lawsuit.
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