Tesla and X owner Elon Musk has triggered a once-in-a-while parabolic rally for frog-themed memecoin, Kekius Maximus (KEKIUS). This token was created by the billionaire’s followers, who generally track his profile changes on social media platforms. The token was created last year when the Tesla founder first changed his X profile name to Kekius Maximus. This action generally fuels a rapid price breakout for associated tokens.
The Elon Musk and Kekius Maximus Link
After months, he changed the profile name, the billionaire once again reinstated it, a move many considered a shoutout for the memecoin. Notably, different token variants were created the first time Elon Musk updated his profile photo with the name.
One of the variants with the biggest liquidity is KEKIUS. According to data from CoinMarketCap, this token has jumped by 119% in 24 hours to $0.0502. This surge is unusual, as the token maintained an average price of $0.25 prior to this push.
Within this period, the memecoin also saw its volume skyrocket by 285% to $32,688,278.05. It is worth noting that KEKIUS is not among the top meme coins to buy in May. However, the new rally has placed it in the spotlight temporarily.
Whether or not this rally will last long remains to be seen, as intense volatility has forced its rebound in the past hour.
Elon Musk and Crypto Influencing
It is not unusual for the Tesla founder to drive hype within the digital currency ecosystem. Changing his profile photo and name started with Dogecoin, his favorite cryptocurrency.
When he took over X in 2021, he made the top memecoin’s logo the platform icon for a while. This action positively impacted the price of Dogecoin at the time. While Elon Musk’s affinity for Shiba Inu-themed tokens is more pronounced, the Kekius Maximus frog-pivot marked a new digital cultural shift.
Due to the billionaire’s involvement in US politics and close relationship with the Donald Trump administration, there has been less focus on digital currencies in general.
Memecoins in the Spotlight
While the rebound in Kekius Maximus is rare, other established tokens in the memecoin world are worth watching. As reported earlier by CoinGape, Dogecoin supercyle may start soon as some of its core performance metrics back the bullish thesis.
Shiba Inu is also in the spotlight amid growing market volatility. Despite the drop in burn rate and other growth markers, the asset has a good prospect of rebounding. Over the past 24 hours, the token has jumped by 1.09% to $0.00001477.
The broader memecoin ecosystem has seen a 1.06% jump in market capitalization to $68,968,000,000.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
