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

The Kekius Maximus token continued its strong rise on January 1 and became the top cryptocurrency on the market as accumulation continued.

Kekius Maximus (KEKIUS) price increased by over 200%, reaching $0.4010, and its market capitalization rose to over $332 million.

This increase occurred after Elon Musk changed his profile name and picture to X, which triggered further buying by traders.

There are signs that some crypto investors expect the token to continue rising over the next few weeks. A whale converted 62 billion Pepe (PEPE) tokens worth $1.2 million into Kekius tokens.

Larger buyers made similar transactions. There have been more than 10 transactions worth over $425,000 in the last 24 hours as shown below.

Investors are buying Kekius Maximus | Source: Nansen

These investors purchase the Kekius Maximus token because of Elon Musk’s influence in the social, economic and political sphere. Socially, he is one of the most popular people worldwide with over 200 million X followers.

Economically, he is the richest person in the world 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 new president Donald Trump.

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

Kekius Maximus price may drop soon

The rise of KEKIUS also mirrors the rise of other recently launched and advertised meme coins. For example, the price of Moo Deng (MOODENG) rose from $0.02 to $0.7023 in September as excitement increased. It has fallen 62 percent since its peak in November.

Similarly, Squirrel Peanut (PNUT) price rose to $2.50 in November and has fallen 72% since then. The Goatseus Maximus (GOAT) token has also fallen over 60% from its all-time high, leading many to fear traders are holding the bag.

Therefore, there is a chance that KEKIUS price will continue to rise over the next few days as more exchanges list it. This is notable as it is currently traded on MEXC, Uniswap, and BingX. In the long run, there is a risk that it will do the same as other recently launched meme coins.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.