- Elon Musk’s X posting of a Kekius Maximus painting prompted a 110% price jump for the token from $0.015 to $0.033.
- Kekius Maximus was once ridden a 40,000% pump when Musk had it become his profile photo but then tumbled by 92%.
- Musk-inspired meme coins such as Dogecoin and Shiba Inu tend to see temporary price rallies fueled by social media hype.
Elon Musk’s recent X post has caused a significant price rally for Kekius Maximus, a meme coin on the Ethereum blockchain.
The post included a photo of his office at the Department of Government Efficiency (D.O.G.E.), with a painting of Kekius Maximus hanging on the wall. His caption, which called the painting “the late great Kekius Maximus,” immediately grabbed investors’ attention, leading to a steep price surge of 110% from $0.015 to $0.033.
The volume of trading also increased significantly, from $4.15 million to $15.5 million within a short time. Although it pulled back a bit, the token still has a robust gain of 40% in the past 24 hours.
Kekius Maximus and Musk’s Influence
This is not the first occasion that Kekius Maximus has seen huge volatility thanks to Musk. Last month, the token rose by almost 40,000% in hours when Musk temporarily made the meme coin his profile picture on X.
It hit an all-time high of $0.40, resulting in enormous gains for early investors. But the excitement did not last long, as the price plummeted by 92% in no time after Musk altered his profile picture. Ever since, the token has been consolidating and could not gain back its past momentum.
Musk has been a major driver of price action for several meme coins, such as Dogecoin and Shiba Inu. His public endorsements and mentions usually lead to quick price spikes, drawing in retail and institutional investors.
These rallies are usually short-lived, though, as traders scramble to take profits, building strong selling pressure. The latest Kekius Maximus rally has been no different, with its price declining slightly after the initial spike.
Uncertain Future for the Meme Coin
The uncertainty of the token’s future is still a concern for investors. Some expect a repeat of the decline that was witnessed in January, but others think that the hype might propel prices even higher if Musk continues to be active with the token.
Currently, the market is still highly speculative, and future movements will greatly rely on the involvement of Musk.
Although Kekius Maximus has been a beneficiary of Musk’s power, the long-term viability of such price spikes is doubtful. Social media-driven meme coins tend to be extremely volatile and are therefore high-risk assets.
Investors will be keenly observing Musk’s next step to see if this rally has further room to run or if another correction is in the pipeline.
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