TL;DR

• Elon Musk’s influence has once again caused wild fluctuations in meme coin prices, with KEKIUS soaring 4,000% before collapsing 60%.
• The rapid price movements and lack of fundamental value in many meme coins highlight the importance of careful research and investing only what you can afford to lose.

Dumping Hard

The frog-themed meme coin Kekius Maximus (KEKIUS) has been a hot topic in the crypto space in the past few days.

The token (whose logo represents a frog dressed in ancient Roman armor) experienced a nearly 4,000% price increase between December 30 and January 1. The pump could be attributed to Elon Musk, who changed his profile picture on X with the eponymous meme. 

The impressive spike allowed savvy traders to make millions due to entering the ecosystem at the right time. Lookonchain recently revealed the case of one industry participant who turned a $66 investment in KEKIUS into more than $3 million in just 18 days. 

However, the coin’s rally was short-lived, with its valuation crashing by 60% in the past 24 hours. At one point, KEKIUS dumped to as low as $0.08, while currently, it trades at around $0.15 (per CoinGecko’s data).