A frog-themed memecoin is booming after billionaire Elon Musk changed his username on social media platform X.
According to Musk’s X profile, his name was changed to “Kekius Maximus,” a vague reference to the frog-headed Egyptian god Kek, whose name is used by gamers and Internet users to convey laughter.
Kek has also been linked to Pepe the Frog, a cartoon character who inspired the memecoin PEPE with a market capitalization of $8.1 billion.
The Tesla CEO’s abrupt name change led to a dizzying rise for Kekius Maximus (KEKIUS), a frog-themed Ethereum-based altcoin, which skyrocketed by more than 32,000%, from $0.00123 on December 30 to a peak of $0.40 on January 1.
The meme assets have since been recovered and are trading at $0.264 at the time of writing, while the market cap has risen to over $250 million.
Musk – a longtime proponent of meme assets like Dogecoin (DOGE) – has given no reason to change his view on X.
The business mogul, who will soon be President-elect Donald Trump’s head of the Department of Government Efficiency DOGE, was once accused of manipulating DOGE’s price through a pump-and-dump scheme. However, that lawsuit was dismissed last November.
The judge in the case ruled that Musk’s previous comments about Dogecoin – including saying it could become the standard for a global financial system and the currency of the internet – were “ambitious and inflated, not factual and susceptible to falsification.” and therefore cannot form a basis for a lawsuit.
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Generated image: Midjourney