How far can Elon Musk influence the meme crypto space? Well, his recent antics on X have triggered yet another dramatic event in the world of meme-based cryptocurrencies .

Following his sudden change of name to "Kekius Maximus" and the addition of an unconventional profile picture, the value of Kekius Maximus Crypto (KEKIUS) surged, only to crash soon after Musk reverted to his original profile setup.

A Double-Edged Sword

Musk's decision to adopt the moniker "Kekius Maximus" on X stirred excitement across the crypto community. The move was followed by a surge in the value of the Solana-based memecoin KEKIUS, reaching a high of $0.005926 on January 1, according to CoinGecko.

The rise was also driven by Musk's provocative new profile picture, which featured a stylized version of the meme character Pepe the Frog, dressed as Maximus from the classic film Gladiator.

However, the excitement was short-lived. Within hours, Musk reversed his name change, returning to his familiar profile and reverting his avatar to an image from his days campaigning for former US President Donald Trump.

The abrupt shift led to an equally dramatic drop in KEKIUS's value. The coin plunged by about 80%, falling to $0.00124 by Jan 2. At the time of publication, the meme crypto traded at $0.0007261, according to CoinGecko price data.

While the coin briefly enjoyed a spike in value thanks to Musk's influence, the sudden collapse is one of the instances highlighting the speculative assets tied to social media trends and individual personalities.

Pepe the Frog Makes Another Appearance

In addition to his name change, Musk also altered his profile picture to a reinterpretation of the Pepe the Frog meme. This version depicted Pepe as a warrior, armored and holding a video game joystick, further fueling the internet's obsession with the meme.

This latest development showed how swiftly sentiment can change in the cryptocurrency space, especially when tied to social media figures like Musk.

While Musk's influence can push asset prices higher in the short term, the sustainability of such moves remains uncertain, and investors should remain cautious of the inherent volatility .