From $54K to $1M – How Elon Musk’s X username change pumped a crypto by 1600%!

• Musk’s ‘Kekius’ username minted crypto millionaires. 
• Will the memecoin traction extend in January? 

Elon Musk minted crypto millionaires during the New Year’s crossover. He recently changed his X username to a mysterious character – Kekius Maximus. The profile picture was also changed to mirror the so-called ‘Kekius’, which resembled the frog-themed ‘Pepe’ but had man-like features. 

Surprisingly, there was a memecoin on Ethereum [ETH] with a similar name and outfit. The token pumped by over 6,000% in less than 24 hours as Musk’s new name went viral.  

Kekius Maximus millionaires

With the wild run, some top KEKIUS holders became instant millionaires. According to blockchain analytics firm Spot On Chain, one trader turned his $54K of KEKIUS into $1M in just two days. 

“This trader turned $54.8K into $1M with $KEKIUS! Between Dec 19 and 15 hours ago, trader “0x33A” spent 16 $ETH ($54.8K) on 8.448M $KEKIUS. That is a $948K profit (17.3x) in just 12 days!”

Source: SpotOnChain

At the time of writing, the trader still held over 6M KEKIUS worth over $2.5M, suggesting that he expected a further pump before cashing out.  

That being said, the viral memecoin saw the most significant traction on New Year’s Eve. In fact, Etherscan data revealed that a whopping 2.4B KEKIUS tokens were transferred between users in a single day. Now, the token has over 22k holders. 

Source: Etherscan

But, will other holders see similar windfall gains as early traders or investors? 

On the price chart, KEKIUS saw significant profit-taking at $0.40. However, the long wick on the lower side of the candle indicated that there was still strong demand for the memecoin. 

Should the traction extend, KEKIUS might target the upper levels at $0.5 or $0.6. That would translate to a potential gain of 50% or 100%, respectively. However, greater profit-taking could drag it to $0.1 or lower. 

Source: KEKIUS/USDT, TradingView