Mike Smith
Jan 1
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On December 31st, Elon Musk updated his X name to Kekius Maximus, which sparked a flurry of activity around meme tokens. Some of these tokens had appeared online two weeks earlier, when Musk first mentioned the phrase Kekius Maximus in a comment on an Autism Capital post.
The Lookonchain analytics platform recorded an unexpectedly large profit for one trader related to this event. Just 9 hours earlier, he invested $4,360 in the purchase of 18.15 million KM tokens. An hour after Musk changed his name, the token price jumped by about 17,000%, increasing the capitalization of the trader's portfolio to an impressive $638,000.
The possibility of an insider deal in this case cannot be ruled out. The high growth of the KM token price looks extremely unusual even in the context of the meme token market, where the speculative nature of assets often leads to sharp price changes.
It is worth noting that this is not the first time that Musk's name change on the social network has caused such price jumps. Earlier this year, he changed his signature to "Chief Troll Officer", which also led to a stir around the TROLL token. One of the traders then earned about $ 1 million on this.
It remains unclear to what extent the billionaire's actions intentionally provoke such market reactions. However, it is clear that Musk's influence on the crypto community remains significant, and each of his activities causes a wave of excitement among investors and traders willing to take risks for high profits.
