The magical power of Elon Musk on the meme coin market

On December 31, Elon Musk, the richest person in the world, added images inspired by the Kykios Maximus meme to one of his posts. In another post, he wrote that “Kikios Maximus will soon reach level 80 in PoE hard game.” This reference is likely to the video game Path of Exile 2 It is related that Musk plays in it.

According to the digital currency service of Tekna technology news media, Musk changed the name of his X profile to “Kikios Maximus”; The name of the character Maximus Decimus Meridius in the movie gladiator Inspired. All these events caused the meme coin with the same name as Kekius Maximus (KEKIUS) to increase by more than 3400% in less than a day. However, after Musk’s profile name was changed again on Wednesday, the price of the token fell nearly 80%, but eventually recovered somewhat and is still up more than 2,230% in a week. The trading volume of this token also increased from about 5 million dollars per day to 390 million dollars in some hours on Thursday.

Some traders saw their initial investment of less than $100 turn into a paper profit of $3 million that they were unable to fully exploit due to the price collapse. However, others still managed to win millions of dollars from gambling. Currently, this token has more than 25,300 holders.

This method was successfully repeated by Musk on MimeCoin Kam Rocket (CUMMIES) was also implemented. The price of this token increased by 426% in just half an hour and then decreased by more than 70%. However, the price still rose 86% in one day, and its 24-hour trading volume went from around $49,000 to nearly $10 million.