The Elon Musk effect goes both ways.

Ethereum meme coin Kekius Maximus (KEKIUS) soared over 3,000% from a $12.7 million market cap to nearly $400 million, in the 30 hours following Tesla CEO Elon Musk changing his Twitter name to Kekius Maximus. But what comes up must come down. Once Musk changed his profile back to normal, it caused the token to plummet 67% in an hour to $95 million.

Kekius Maximus, according to the meme coin’s website, is also known as “Pepe the Frog Emperor.” The art depicts the popular internet frog meme as the ruler of a mythical empire. It appears that the meme was originally created using Grok, Twitter’s native AI tool, with Musk, who owns Twitter, endorsing it on December 10.

Over the coming days the
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Author: Ryan Gladwin

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