Tesla CEO Elon Musk recently changed his name on the social media platform X to "Kekius Maximus." This move caused a huge spike in the value of the associated memecoin, KEKIUS/USD, which soared over 600% in just 24 hours, according to Benzinga Pro.

Along with the name change, Musk updated his profile picture to "Pepe the Frog." This also helped boost the value of another memecoin, PEPE/USD, by more than 7% at the time of reporting.

This isn’t the first time Musk has used his social media presence to impact cryptocurrency markets. He has a history of changing his name and image to promote various memecoins, with Dogecoin (DOGE/USD) being a notable favorite. In the past, he even changed the official Twitter (now X) account’s profile picture to feature a Shiba Inu, the iconic symbol of Dogecoin.

Investing in meme coins and cryptocurrencies is risky. These assets often lack intrinsic value and are influenced by market sentiment and social media trends. Prices can be very volatile, and investors might lose their entire investment. It's essential to do thorough research, assess your risk tolerance, and consult with a financial advisor before diving into cryptocurrencies or meme coins.