$KEKIUS experienced a 700% increase and rose to a $270 million market cap after Elon Musk changed his X nickname to “Kekius Maximus.”
$KEKIUS-origins of the trending memecoin
Kekius Maximus is a mashup of words from two different sources: the gaming community and the ancient world of gladiators.
“Kek” is a popular alternative term for “lol” in online gaming communities, and Maximus is the protagonist of the popular Gladiator movie.
After the billionaire made these changes to his X profile, the KEKUIS token surged dramatically. During the surge, one lucky trader reportedly turned a $4,360 investment into $638,000 in just hours.
Besides $KEKIUS, $PEPE holders also saw gains of 10% after Elon changed his profile picture to Pepe the Frog dressed as a golden-armoured gladiator.
It’s worth noting, however, that the Kekius Maximus phenomenon emphasizes the role of celebrity influence in driving market movements. This means the gains for token holders are likely unsustainable and dangerous for inexperienced investors.
Furthermore, it brings to light concerns of market manipulation if a few wallets hold the majority of tokens. This means the token could be highly susceptible to “pump and dump” schemes driven by large holders artificially inflating prices before selling off their holdings.
KEKIUS price action and technical analysis
KEKIUS/USD price action (Source: CoinGecko)
Currently, $KEKIUS on Ethereum is trading at $$0.29163 at a market cap of $290 million.
While we did not find any indicators of RSI, it can be assumed that the token might be in oversold territory. This means it is likely due for a price correction in the short term.
It can also be assumed that the MACD is likely above the signal line, indicating bullish momentum. However, traders should be cautious as this momentum might not be sustainable in the long run.
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