Kekius price rises as Pepe whale buys, but downside risks remain

Kekius Maximus token continued its strong surge on Jan. 1, becoming the best cryptocurrency in the market as the accumulation continued.

The Kekius Maximus (KEKIUS) price surged by over 200%, reaching a high of $0.4010, pushing its market cap to over $332 milion.

The surge happened after Elon Musk changed his X profile name and picture to that name, triggering more purchases by traders.

There are signs that some crypto investors anticipate that the token will continue soaring in the next few weeks. One whale exchanged his 62 billion worth of Pepe (PEPE) tokens worth $1.2 million into the Kekius token.

More large buyers have executed similar trades. As shown below, there were over 10 trades worth over $425,000 in the last 24 hours.

Investors are buying Kekius Maximus | Source: Nansen

These investors are buying the Kekius Maximus token because of Elon Musks influence in the social, economic, and political space. Socially, he is one of the most popular person globally, with over 200 million X followers.

Economically, he is the richest person on earth with a net worth of $450 billion. This wealth comes from companies like SpaceX, Tesla, X, and Xai. Politically, he is a close ally of Donald Trump, the incoming president.

Elon Musk has also promoted meme coins in the past. The most notable promotion was Dogecoin (DOGE), which has become a $50 billion juggernaut in the crypto space.

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Kekius Maximus price may drop soon

KEKIUSs surge also mirrors that of the other recently launched and hyped meme coins. For example, the Moo Deng (MOODENG) price soared from $0.02 in September to $0.7023 as the hype rose. It has dropped by 62% from its highest point in November.

Similarly, the Peanut the Squirrel (PNUT) price surged to $2.5 in November and has dropped by 72% since then. Goatseus Maximus (GOAT) token has also crashed by over 60% from its all-time high, leaving many fear of missing out traders holding the bag.

Therefore, there is a likelihood that the KEKIUS price will continue rising in the next few days as more exchanges list it. This is notable since it is now being traded on MEXC, Uniswap, and BingX. In the longer-term, there is a risk that it will mirror that of other recently launched meme coins.