"No more Tet holidays," Ngoc Duy, 23, a resident of Ho Chi Minh City, briefly shared in a cryptocurrency group, along with a photo of the Kekius Maximus token price chart. At 3 a.m. on January 2, the price of Kekius suddenly dropped from $0.33 to $0.08, and by 10:30 a.m., each token was trading around $0.09.
Ngoc Duy said he spent most of his savings on Kekius memecoin when the price was $0.38. He expected the "Musk-backed" memecoin to reach $1, at which point his account would triple. However, after just one day, the balance in his wallet was only 1/4. "I don't know what to do now, if I sell it, I'll lose a lot, if I keep it, I might lose everything because it's just Elon Musk's joke," Duy shared.
Kekius Maximus Token Drops Suddenly as Elon Musk Changes Name on January 2
Not "riding the peak" like Ngoc Duy, but under the article, many people said that their accounts were also "burned" due to contract liquidation. Most players bet on the memecoin order to continue to increase in price. When Musk changed the name, the token suddenly plummeted and the contract was liquidated.
Liquidation occurs when an exchange closes a leveraged position because the trader has lost some or all of their initial margin, leaving them unable to meet maintenance requirements. In the cryptocurrency market, “leverage” is the term used to refer to “borrowing” more money than they actually have in order to make a trade for profit. Some exchanges allow traders to use leverage of up to 125 times their capital.
Kekius Maximus is a name in the game Path of Exile 2 that Elon Musk spent a lot of time "racing to the top". Recently, billionaire Musk has continuously posted about this keyword. The cryptocurrency community quickly created a series of tokens following it, of which the project of the same name on the Ethereum network attracted the most attention.
On December 31, 2024, Tesla CEO suddenly changed his representative name on X from Elon Musk to Kekius Maximus, along with a profile picture of "Pepe the Frog" - a cartoon character - dressed in ancient Roman clothing. This move immediately pushed the price of Kekius tokens to the ceiling.
Elon Musk changed his name to Kekius Maximus and his profile picture to the green frog meme
Data from CoinGecko shows that as soon as Musk changed his name, the price of Kekius increased by 21,660%. At its peak, there were more than 22,000 wallets holding the token. But within 48 hours, when Musk changed his name back to the original, the price of Kekius plummeted, thousands of players who did not have time to "exit" fell into a state of empty-handedness and "burned accounts".
While many cryptocurrency players have criticized Musk, the Tesla CEO has not commented. The move to change his profile picture and real name on X comes shortly after a Tesla Cybertruck suddenly exploded while parked in front of the Trump Hotel in Las Vegas (Nevada, USA). The explosion killed the driver and slightly injured 7 passersby.
"We have confirmed that the explosion was caused by a large amount of fireworks and a bomb carried in a rented Cybertruck. The explosion was not related to the vehicle, all operational data was fine at the time of the explosion," Mr. Musk wrote on X.
Tesla Cybertruck explodes at Trump hotel
Elon Musk is one of the strong supporters of the memecoin movement - tokens created as a joke, often with a short lifespan, favored by speculators due to their large price fluctuations.
When Donald Trump was elected president of the United States, Musk was also appointed to head the newly created Department of Government Efficiency. This department is abbreviated as DOGE, the same name as the billionaire's favorite memecoin. Therefore, every move Musk makes related to cryptocurrency is enthusiastically responded to by the community.
Source: https://thanhnien.vn/mat-tet-vi-du-dinh-tien-so-theo-tro-dua-cua-elon-musk-185250102102034231.htm
Comment (0)