Elon Musk changed his profile name to 'Kekius Maximus' on social media, leading to a 120% surge in the meme coin associated with that name within 24 hours.
This move is not the first time Musk's profile changes have impacted meme coins, with a previous instance causing a 500% increase in a token's value before a subsequent drop.
The token tied to 'Kekius Maximus' climbed by 119% after Musk's latest profile update, reaching a peak value of 0.0502, although it remains below its initial launch price.
Investing in such meme tokens driven by celebrity influence can be risky due to their dependency on hype and lack of tangible products or services, emphasizing the speculative nature of these investments.