24/7 Cryptocurrency News

How This Crypto Trader Lost $1M in 12 Hours Due to Elon Musk?

A crypto trader lost $1M after his investment in Kekius Maximus, which Elon Musk recently endorsed, dropped 90%.
Published by
How This Crypto Trader Lost $1M in 12 Hours Due to Elon Musk?

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

Share
Pooja Khardia

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Why Is Gary Gensler Trending Today

Former U.S. SEC Chair Gary Gensler appeared on CNBC's "Squawk Box" and addressed his concerns…

September 19, 2025
  • 24/7 Cryptocurrency News

Why is Dogecoin Price Crashing Today Ahead of the Rex Osprey DOGE ETF Debut?

Dogecoin (DOGE), the pioneering meme coin, has taken a hit as the crypto market crashed…

September 15, 2025
  • 24/7 Cryptocurrency News

Ethereum Whales Move Over $200M From Exchanges as Price Drops 3%

Ethereum (ETH) experienced a drop of around 3% in the past 24 hours, to trade…

September 15, 2025
  • 24/7 Cryptocurrency News

Fed Rate Cut Watch: Can Powell’s Speech Keep the Crypto Rally Alive This Week?

The cryptocurrency market is expecting a big week ahead, as the U.S. Federal Reserve prepares…

September 15, 2025
  • 24/7 Cryptocurrency News

Crypto Market Week Highlights: Top Events, Movers and Shakers

The crypto market was buzzing this week with big whale moves, fresh economic reports, new…

September 14, 2025
  • 24/7 Cryptocurrency News

Why is Pepe Coin Price Rallying Today, September 13?

Pepe Coin price is outperforming other mainstream meme coins today, soaring around 13% over the…

September 13, 2025