Elon Musk’s influence on the crypto industry isn’t new to investors. His high profile and support for the industry have resulted in massive price rallies for his supporter cryptocurrencies. One such event is today, as the Kekius Maximus, an Ethereum meme coin, is flourishing with price gains under the same influence, surging nearly 100%. But what exactly happened, and will the rally continue?
Elon Musk’s Post Sparks Kekius Maximus Price Rally
This Thursday, Elon Musk posted on X, giving his followers a look into his office set up at the Department of Government Efficiency (D.O.G.E.). However, more than his role in establishing a D.O.G.E., his wall and the caption gained attention, as he displayed a painting of the famous frog theme meme coin, Kekius Maximus, and added ‘My DOGE office with the late great Kekius Maximus on the wall,’ resulting in the immediate price jump of the token.
This resulted in a massive 110% price jump from $0.015 to $0.033 within a few hours. At the same time, the trading volume surged from $4.15M to $15.5, displaying high investors attention.
Although the token has moved down the peak and trades at $0.02717, it has maintained a 40% surge over the last 24 hours and nearly 100% over the week.
Not the First Kekius Maximus Price Surge Due to Elon Musk News
Kekius Maximus has a history of volatility in Musk’s influence. In January, the token’s price surged to an all-time high of $0.40, marking nearly a 40,000% surge within a few hours. This happened when Musk adopted the Kekius meme coin briefly and set it as his profile picture on X. Interestingly, even before this, he had posted and described the image of “Pepe the Frog Emperor” as “amazing.”
This left investors and early adopters of the token in heavy profits, where one made 17,000% returns on their investment. However, this Kekius price rally was short-lived and ended once he changed his profile picture again. As a result, the token tumbled, losing 92% of its value. Ever since then, it has been in a significant consolidation.
This leaves investors in doubt about whether this bullish trajectory will continue.
Will Kekius Maximus Price Rally Sustain?
The Elon Musk effect on meme coins is a known phenomenon, where his endorsements or talks influenced these asset prices. The leading meme-themed cryptocurrencies affected by him are Dogecoin, Shiba Inu, and now Kekius Maximus.
Although the current surge is impressive, such rallies are short-lived as the hype ends soon. More importantly, those who benefitted from the hype ended up selling their tokens for profit, resulting in selling pressure and a downtrend. However, it is uncertain how well this rally will be sustained, as some analysts argue about a downtrend like the last time, whereas others supporting the Musk-fueled rally believe in a further uptrend.
Regardless, Musk’s further involvement is important for the continuity of the surge.
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