KEKIUS drops 60% after Elon Musk’s latest X profile change

KEKIUS (CRYPTO:KEKIUS), the meme coin inspired by Elon Musk’s recent profile picture change on X, saw a massive surge followed by a dramatic 60% crash, as its market capitalisation fell below $150 million.

Between December 30 and January 1, KEKIUS soared by nearly 4,000%, likely driven by Musk’s updated profile picture featuring a frog in Roman armor, aligning with the token’s theme.

This surge allowed some traders to capitalise on the sudden rise, with one investor turning a $66 stake into over $3 million in just 18 days, according to blockchain analytics firm Lookonchain.

However, the rally was short-lived.

The coin’s value plummeted by 60% within 24 hours, dropping to as low as $0.08 before stabilising at around $0.15, as per data from CoinGecko.

The decline coincided with Musk returning to his usual profile image on X, possibly signaling the end of the hype.

Musk’s influence on meme coins is not new.

His actions, tweets, and endorsements have previously led to sharp price fluctuations.

A notable example is his involvement with the Peanut the Squirrel (CRYPTO:PNUT) coin, which spiked after his criticism of the euthanisation of a pet squirrel.

Musk’s comments pushed the coin’s price to an all-time high of nearly $2.30, with a market cap exceeding $2 billion.

However, PNUT has since lost more than 40% of its value.

At the time of reporting, the Kekius Maximus (KEKIUS) price was $0.1568.