Elon Musk made waves in the crypto market again as he changed his avatar on social platform X. This change sent Solana-based memecoin, Kekius Maximus (KEKIUS) into a downward spiral. The coin sank by around 90% after the tech mogul changed his avatar on the social media platform.

Elon Musk bizarrely changed his X profile name to “Kekius Maximus” on Tuesday — sparking a flood of questions from supporters and critics alike.

Elon Musk has once again changed his name on X. On Tuesday, the Tesla CEO debuted “ Kekius Maximus ” as his new name on the social media platform. However, he reverted back to his original moniker on Thursday. The move comes just after a Tesla Cybertruck “exploded” outside Donald Trump's Las Vegas hotel.

Elon Musk's promotion of the Kekius Maximus meme coin has led to a crypto trader making 17,000% returns within an hour. Here's how.

In typical Musk fashion, the billionaire tech mogul offered no explanation about the new username and avatar, but the move triggered immediate ripple effects. The change roiled the cryptocurrency world, sending the value of a memecoin — a digital currency inspired by an Internet meme — with the same name skyrocketing.

Elon Musk changed his name on X to ‘Kekius Maximus,' and even changed his profile avatar to feature an image of the popular Pepe the Frog character.

Kekius Maximus Crypto token dropped 122.8 per cent to ₹0.307 on Thursday, compared to ₹0.684 in a matter of nearly 15 minutes.