Elon Musk’s latest online move has sent shockwaves through the cryptocurrency market. The tech mogul briefly changed his Twitter profile name to “Kekius Maximus” on January 1, sparking a frenzy that led to the creation of hundreds of new cryptocurrencies, including KEKIUS, which surged to a $400 million market capitalization.
However, the hype was short-lived, as Musk reverted the change just minutes later. KEKIUS then plummeted in value, losing 99% of its worth and crashing to just $2 million.
The incident highlights Musk’s ongoing influence on the crypto industry, which he has been a driving force for since supporting Dogecoin during the 2021 bull cycle. His tweets helped the cryptocurrency gain mainstream credibility and skyrocket by over 1,000%.
The latest episode is not the first time Musk has caused controversy in the crypto space. He has faced several civil lawsuits alleging market manipulation and has attracted criticism for his role in fueling memecoin mania. Nevertheless, Musk’s recent antics prove that he still holds significant sway over the industry.
Source: https://www.ccn.com/news/crypto/elon-musk-kekius-maximus-crash-99