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Highlights
- Earlier, Elon Musk changed his name and profile with the Kekius Maximus meme coin, which increased its price by 900%.
- With this incident, several crypto traders earned heavy profits, but some faced losses as they followed the FOMO.
- One trader lost $1M, with Musk changing his profile again.
Like any financial market, the crypto trading market often witnesses price fluctuations and different trends, which play a major role in the crypto’s price performance. However, if a crypto trader fails to understand the market, he can incur heavy losses. The prime example is this trader, who lost $1M after the Tesla owner’s actions crashed the token price. Let’s discuss what happened and how Elon Musk played a role.
Elon Musk Profile Update Ruined A Crypto Trader’s Portfolio
Two days ago, Elon Musk promoted a newly launched meme coin called Kekius Maximus by changing his X profile name and image. He also posted about the same token, increasing its demand multiple folds, which resulted in the KEKIUS price surging more than 900%. With that, many investors made heavy returns.
One investor made 17,000% returns within an hour, creating FOMO for other investors. Much similar news was seen in the market, leaving the netizens curious as to what was happening. Although Musk did not explain the reason behind his profile update or the meme coin endorsement, investors flocked to the opportunity in hopes of heavy profits.
However, that was the biggest mistake for this crypto trader (rektdolphin.eth), who exchanged his millions of PEPE holdings for the KEKIUS. This is because Elon removed the meme coin from his profile, crashing the token by 90%. Although this is a part of the crypto industry where such changes crash a token, this is heartbreaking for investors who become victims.
Crypto Trader Lost $1M After FOMO Buying
After seeing the other investors making returns, Kekius Maximus, the trader, decided to invest in the same trending meme coin. However, to his surprise, Elon Musk changed his X profile again, crashing the token.
Crypto analyst Azan explained that the trader exchanged 62B PEPE, equivalent to $1.2M for 4.23M KEKIUS. However, with the Keiums Maximus price crash, the holding value dropped to $290k, leaving the trader with a $1M loss.
Even at the time of writing, Kekius Maximus was still struggling, per Coingecko. It has lost 50% of its value in the last 24 hours. Additionally, it achieved the ATH of $0.4011 during this period but has since moved 60% away from that. The KEKIUS price is currently at $0.141, with a market capitalization of $122,696,938, leaving many investors with severe losses.
What’s The Lesson Here?
Challenges and uncertainties are major parts of the crypto trading industry that could make or fail a cryptocurrency. In the case of Kekius Maximus, Elon Musk’s involvement became the biggest blessing, but the same became a big lesson for this crypto trader who lost $1M in FOMO. As KEKIUS is a newly launched token, investors mistook it as an opportunity that could create heavy returns, and it did in Musk’s support, but it lacked supporting factors, which is why it crashed as soon as Musk moved from it. This is why it is important to do market research and technical analysis before investing in crypto rather than blindly investing in hyped tokens.
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