A trader managed to earn $3.05 million amid the rapid rise of the meme cryptocurrency KEKIUS linked to Elon Musk's temporary name change.
The Rise of KEKIUS
Blockchain analytics firm Lookonchain reported that a trader invested 0.017 Ether (approximately $66) to acquire 10.17 million Kekius Maximus (KEKIUS) meme coins on December 14. Over the next 18 days, the trader sold 2.81 million KEKIUS for 60.3 Ether, or $201,000, while retaining 7.37 million KEKIUS, worth around $2.85 million. The total profit amounted to $3.05 million.
A Pseudonymous Trader's Strategy
Originally created on December 13, KEKIUS saw its market capitalization surge from $11.4 million to a peak of $389 million by January 1, before declining to $145 million. Lookonchain also revealed that another trader, known as rektdolphin.eth, exchanged 62 billion PEPE tokens for 4.23 million KEKIUS tokens, but this backfired as the investment dropped to $290,000 just 12 hours later.
Warnings and Implications
An on-chain analyst had previously issued a warning to investors caught up in the KEKIUS frenzy, citing the speculative nature of the meme coin’s rally. “For anyone that’s buying Kekius Maximus memecoins. Whenever Elon changes his PFP and name back, you’re gonna get fucked. Just stick to $PEPE.”
This story highlights the unpredictable nature of meme cryptocurrencies, often driven by cultural phenomena and fleeting trends.
