Pepe-themed meme coins, notably PEPE and KEKIUS, have experienced significant surges in value following Elon Musk’s rebranding of his X profile. This development has sent waves of excitement through the meme coin community, highlighting the powerful influence of the tech billionaire on digital markets.
The Ethereum-based KEKIUS memecoin saw a meteoric rise of over 2,600%, reaching an all-time high of $0.301. Its market cap skyrocketed from $12.8 million to over $265 million, capturing the attention of investors and enthusiasts alike. Meanwhile, PEPE also rallied by approximately 20%, recovering some losses from the previous week before experiencing a slight pullback.
Musk’s Influence Sparks New Meme Coins
The hype surrounding Musk’s rebranding has not only boosted existing meme coins but also led to the creation of new ones. Platforms such as Solana’s Pump.fun and Tron’s SunPump have seen a surge of tokens with tickers like KM, KEKIUS, and MAXIMUS entering the scene.
Musk’s influence was particularly evident on December 31, 2024, when he updated his X profile to reflect a new persona: “Kekius Maximus.” His display name, combined with an avatar of Pepe the Frog clad in golden gladiator armor holding a video game controller, sent the meme coin community into a frenzy.
The profile image draws inspiration from Maximus Decimus Meridius, the protagonist of the film Gladiator, and Pepe the Frog, a beloved internet meme often tied to gaming culture. Musk also fueled speculation with a cryptic tweet, stating, “Kekius Maximus will soon reach level 80 in hardcore PoE,” referencing the game Path of Exile, which Musk is known to play.
Previous Market Reactions
This is not the first time Musk’s affinity for Pepe-themed imagery has impacted the market. Earlier in December 2024, Musk’s tweets featuring Pepe memes led to a brief rally for PEPE. Similarly, in 2020, his endorsement of Dogecoin (DOGE) propelled it to an all-time high of $0.7376 by May 2021, with a market cap exceeding $47 billion before eventually retracing to $0.1708 by year-end.
Caution for Meme Coin Investors
Despite the excitement, the crypto community urges caution when trading celebrity-driven meme coins. These rallies are often volatile and short-lived. For example, Lionel Messi’s promotion of Solana-based WATER saw the token surge 400%, only to lose most of its value shortly afterward.
As of press time, PEPE has dropped 9% from its intra-day high of $0.000021, while KEKIUS has retraced 6% from its peak of $0.301, now trading at $0.286.
Sustainability of Meme Coins
While meme coins like KEKIUS are notorious for sharp price slumps following initial pumps, strong community support can extend their relevance, as seen with Dogecoin and Shiba Inu. Dogecoin, in particular, maintained its significance over the years, with Musk playing a role in its early days.
The future of KEKIUS, or “Kekius Maximus,” remains uncertain, but the market eagerly watches to see if it can achieve lasting success under Musk’s indirect endorsement.