Elon Musk's unexpected rebranding to "Kekius Maximus" on X, formerly known as Twitter, sent ripples through the cryptocurrency world. On January 1, the technology billionaire and CEO of Tesla Motors changed his profile name and picture, sparking discussion among his 210 million followers, according to Forbes.
Musk updated his profile picture to feature the meme character "Pepe the Frog" dressed in ancient Roman military attire, holding a video game joystick—a character familiar from meme culture.
The name change caused speculation and had repercussions in the cryptocurrency market, particularly affecting the memecoin Kekius Maximus (KEKIUS), which saw its value surge by over 500% following the change, as reported by 20 Minutos. The $KEKIUS token, inspired by internet memes and combining elements from the Roman general Maximus Decimus Meridius and Pepe the Frog, saw an explosive increase in value. BBC News noted that one trader reportedly turned a $4,360 investment into $638,000 during its surge. The New York Post reported that the surge in Kekius Maximus's price was driven largely by Musk's recent move, which triggered purchases by traders and sparked discussion among fans and followers.
While Musk did not reveal the meaning behind his new persona, the association with Pepe memes fueled excitement across social media and raised questions about the symbol's controversial associations. "Pepe the Frog" was appropriated by right-wing groups and classified as a "hate symbol" by the Anti-Defamation League due to its frequent use in racist and anti-Semitic contexts, particularly during the 2016 presidential election.
The term "kek," a variation of "LOL," originated in the online gaming world and is frequently used by identitarian right internet users and trolls. The word "Kekius" is believed to be a Latinization of "kek," meaning "to laugh loudly," popularized by online gaming enthusiasts and often associated with the alt-right.
Speculation increased regarding the reasons behind Musk's changes on X, fueled by his lack of explanations. Marca noted that Elon Musk did not provide any explanation regarding the name change or the new profile image featuring "Pepe the Frog," leaving fans and critics alike to wonder about its significance.
This was not the first time Musk ignited interest in meme coins. Hs tweets about Dogecoin in 2021 helped fuel a 10,000% surge, pushing DOGE into the mainstream. His ability to amplify internet memes into financial instruments underscores the power of his social media presence.
The use of "Pepe the Frog" in Musk's profile picture prompted criticism and debates about whether this was a deliberate nod to extremist online culture, given the character's associations with white supremacy and right-wing groups. BBC News reported that the Southern Poverty Law Center (SPLC) linked "Kek" to a "virtual white nationalist god," raising alarms about the possible implications of Elon Musk's choice.
El Confidencial added that the ancient Egyptian god Kek is sometimes represented with the head of a frog, adding another layer of meaning to Musk's name change. This led to further speculation about whether there was a deeper message behind his actions.
Despite the associations, Elon Musk and many others consistently rejected claims that "Pepe the Frog" is inherently a hate symbol, viewing it as simply a meme with humorous and satirical value.
It is unclear whether there is a direct connection between Elon Musk and the recently appreciated Kekius Maximus meme coin.
This article was written in collaboration with generative AI company Alchemiq