Kekius price increase attributed to Pepe whale’s purchase, while downside risks persist
On January 1, the price of Kekius Maximus token experienced a significant surge, making it the top cryptocurrency in the market as the accumulation continued.
The price of Kekius Maximus (KEKIUS) increased by over 200%, reaching a peak of $0.4010, resulting in a market capitalization of over $332 million.
This surge was triggered by Elon Musk changing his profile name and picture to the name “Kekius Maximus,” which led to increased purchases by traders.
There are indications that some cryptocurrency investors believe the token will continue to rise in the coming weeks. One large investor exchanged their Pepe (PEPE) tokens, valued at $1.2 million, for 62 billion worth of Kekius tokens.
Other significant buyers have made similar trades. Over the past 24 hours, there have been more than 10 trades worth over $425,000, as shown in the chart below.
Investors are buying Kekius Maximus tokens due to Elon Musk’s influence in the social, economic, and political spheres. Socially, Musk is one of the most popular individuals globally, with over 200 million followers.
In economic terms, Musk is the wealthiest person on the planet, with a net worth of $450 billion. This wealth is derived from companies such as SpaceX, Tesla, X, and Xai. Politically, he is a close ally of the incoming president, Donald Trump.
Elon Musk has previously promoted meme coins, with the most notable being Dogecoin (DOGE), which has become a $50 billion force in the cryptocurrency space.
It is possible that the price of Kekius Maximus will soon experience a drop.
The surge of KEKIUS follows a similar pattern to other recently launched and hyped meme coins. For instance, the price of Moo Deng (MOODENG) increased from $0.02 in September to $0.7023 as the hype grew. However, it has since dropped by 62% from its peak in November.
Similarly, the price of Peanut the Squirrel (PNUT) rose to $2.5 in November but has since dropped by 72%. Goatseus Maximus (GOAT) token has also experienced a decline of over 60% from its all-time high, leaving many traders who fear missing out with losses.
Therefore, it is likely that the price of KEKIUS will continue to rise in the next few days as more exchanges list it. This is significant as it is currently being traded on MEXC, Uniswap, and BingX. However, in the long term, there is a risk that it will follow the trajectory of other recently launched meme coins.
Disclosure: This article is not intended as investment advice. The content and materials provided on this page are for educational purposes only.
