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Elon Musk's Name Change Causes Meme Coin Chaos
On New Year’s Eve, Elon Musk changed his X (formerly Twitter) profile name to "Kekius Maximus," which caused a big reaction in the cryptocurrency market. A meme coin called Kekius Maximus (KEKIUS) saw its value skyrocket after Musk’s update.
What Happened?
Massive Price Surge: Right after Musk’s name change, the price of KEKIUS shot up by as much as 22,000%. Reports say the coin’s market value reached nearly $400 million at its peak.
Sharp Drop: However, when Musk changed his profile name back, the price of KEKIUS plummeted. Within an hour, it lost about 75% of its value. Now, the coin is trading at around $0.088.
What Does This Mean?
This event shows how unpredictable meme coins can be and how much influence celebrities like Elon Musk have on the market. While meme coins can deliver big short-term gains, they often have no real value and can lose their worth just as quickly.
Advice for Investors
Experts warn that meme coins are highly risky. If you’re thinking about investing in them, make sure to:
Do thorough research.
Be prepared for extreme price swings.
Only invest money you can afford to lose.
Key Takeaway
The rise and fall of KEKIUS show how exciting but risky meme coins are. While they can offer quick profits, their prices can change suddenly, making them a gamble rather than a safe investment.
On New Year’s Eve, Elon Musk changed his X (formerly Twitter) profile name to "Kekius Maximus," which caused a big reaction in the cryptocurrency market. A meme coin called Kekius Maximus (KEKIUS) saw its value skyrocket after Musk’s update.
What Happened?
Massive Price Surge: Right after Musk’s name change, the price of KEKIUS shot up by as much as 22,000%. Reports say the coin’s market value reached nearly $400 million at its peak.
Sharp Drop: However, when Musk changed his profile name back, the price of KEKIUS plummeted. Within an hour, it lost about 75% of its value. Now, the coin is trading at around $0.088.
What Does This Mean?
This event shows how unpredictable meme coins can be and how much influence celebrities like Elon Musk have on the market. While meme coins can deliver big short-term gains, they often have no real value and can lose their worth just as quickly.
Advice for Investors
Experts warn that meme coins are highly risky. If you’re thinking about investing in them, make sure to:
Do thorough research.
Be prepared for extreme price swings.
Only invest money you can afford to lose.
Key Takeaway
The rise and fall of KEKIUS show how exciting but risky meme coins are. While they can offer quick profits, their prices can change suddenly, making them a gamble rather than a safe investment.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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