Today, after Elon Musk called himself Kekius Maximus on X, the meme coin exploded. The meme token sharing the same name exploded over 1,200% during the day. The token reached $ 0.17 for a short time, raising its market capitalisation to over $ 170 million. In the midst of these developments, a gigantic whale exchanged PEPE Coin tokens in its portfolio for KEKIUS.
A whale exchanged PEPE Coin for KEIKUS.
As you have been following on Kriptokoin.com, the crypto market is calm on the first day of the new year. However, some tokens are witnessing unusual movements. A meme coin exploded in an event triggered by Tesla CEO Elon Musk, which the market closely followed. In the midst of this development, a whale address recently exchanged 4.23 billion PEPE Coin (about $ 1.2 million) for 1.2 billion KEKIUS tokens (about $ 3 million), according to on-chain observer LookOnChain.
Elon Musk rocketed the KEKIUS meme token by 1,200%!
Kekius Maximus is a mix of the popular internet meme Pepe the Frog and Maximus from Gladiator. It’s like putting Pepe in a full gladiator suit, a funny but somehow heroic online personality. Elon Musk updated his profile on X to ‘Kekius Maximus’ on 31 December. He then shared a series of posts about his new X identity.
PEPE’s Short-Lived Rally: No thanks to Elon Musk!
Elon Musk changed his profile picture to the ‘Pepe the Frog’ meme with the new name. This move led to increased optimism around the PEPE meme coin. This increased its value by 12% during the trading period. However, this initial excitement was short-lived as the meme coin began to decline. The token’s value fell by 4% in the last 24 hours.
During this time, PEPE Coin trading volume increased by 31%. When trading volume increases while the price of an asset falls, it indicates that selling pressure is increasing as more participants are looking to exit their positions. This indicates that the price increase is only due to market speculation and not real demand for the asset. Therefore, there is little chance of sustaining the rise.
Moreover, the increase in PEPE’s spot outflows further reinforces this bearish outlook. According to Coinglass, $6.34 million has exited the spot market in the last 24 hours. This is in stark contrast to the $45 million PEPE Coin inflow recorded on Tuesday.
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