"Kekius Maximus"-themed memecoin plunged sharply Wednesday after tech mogul Elon Musk reverted to his original avatar on social platform X
What happened: Solana (CRYPTO: SOL)-based Kekius Maximus (KEKIUS) surged until Wednesday afternoon, peaking at $0.0057, only to crash 90% in 10 minutes after the Tesla and Space X CEO updated his account with his real name.
But despite the sudden slump, the coin was still up a staggering 232% in the last 24 hours due to the momentum it had gained.
The coin's trading volume exploded 1310% to $9.9 million in the last 24 hours, implying significant volatility.
Additionally, Ethereum (CRYPTO: ETH)-based frog-themed meme coin Pepe (CRYPTO: PEPE) also slipped 2.70% in the last 24 hours, wiping out gains made in recent days.
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Musk took the X community by surprise by changing his name on X to Kekius Maximus. He also changed his profile picture, showing famous cartoon character "Pepe the Frog" as "Maximus," an iconic character from the movie "Gladiator."
The sharp fluctuations in the cryptocurrency's price reenforced the volatile and unpredicatable nature of meme coins, as well as the significance of DYOR.
Price Action: At the time of writing, KEKIUS was exchanging hands at $0.001165, while PEPE traded at $0.00001978, according to data from Benzinga Pro.
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