Dealer Turns $66 Into $3.05M Amid KEKIUS Meme Coin Frenzy

A savvy cryptocurrency dealer generated a staggering return of 45,906x by capitalizing on a fleeting development linked to Elon Musk’s temporary title change on X.

Blockchain analytics agency Lookonchain reported that the dealer invested 0.017 Ether (roughly $66) to accumulate 10.17 million Kekius Maximus (KEKIUS) meme cash on December 14. Over the subsequent 18 days, the dealer bought 2.81 million KEKIUS for 60.3 Ether, or $201,000, whereas retaining 7.37 million KEKIUS, price round $2.85 million.

The overall revenue amounted to a whopping $3.05 million, based on Lookonchain’s replace.

The meteoric rise of KEKIUS is attributed to Musk briefly adopting the title “Kekius Maximus” and altering his profile image to Pepe the Frog clad in Gladiator-style armor. The reference combines the web meme Pepe with Maximus Decimus Meridius, the protagonist of the 2000 movie Gladiator.

KEKIUS, created on December 13, noticed its market capitalization surge from $11.4 million to a peak of $389 million on January 1, as per information compiled by CoinGecko. Regardless of a subsequent decline to $145 million, the token’s rise highlights the unpredictable nature of meme cash typically pushed by cultural phenomena.

In a associated improvement, Lookonchain additionally revealed that one other pseudonymous dealer, often known as rektdolphin.eth, made a daring transfer by exchanging their whole holding of 62 billion PEPE tokens – which was practically $1.2 million – for 4.23 million KEKIUS tokens. Nevertheless, this backfired because the funding turned bitter after their holding plummeted to $290,000 simply 12 hours later.

An on-chain analyst had beforehand issued a warning to traders caught up within the KEKIUS frenzy, citing the speculative nature of the meme coin’s rally. As a substitute, the analyst suggested merchants to stay with extra established tokens like PEPE.

“For anybody that’s shopping for Kekius Maximus memecoins. At any time when Elon modifications his PFP and title again, you’re gonna get fucked. Simply follow $PEPE.”