Elon Musk Causes a Stir Again: Meme Coin Skyrockets and Plummets

In the volatile world of cryptocurrencies, meme coins often attract attention due to their high price fluctuations, and this time is no exception. Elon Musk, famous for his unpredictable tweets but influential, once again caused a stir, causing two lesser-known meme coins, CumRocket (CUMMIES) and Kekius Maximus (KEKIUS), to skyrocket in value before they couldn't avoid the corrections. The impact of Musk on CumRocket On January 2, Elon Musk posted a joke featuring a frog variant of the famous $PEPE Apu Apustaja meme, indirectly referring to CumRocket (CUMMIES) - a cryptocurrency for adults. Although the main purpose of the post was to mock IRS tax reporting requirements, the meme's association with CUMMIES immediately sparked a reaction in the market. Price surge: Just a few hours after Musk's tweet, the price of CumRocket surged by 400%, reaching a six-month high of $0.0225. Market statistics: Trading volume surged to $9,888,109 and market capitalization increased to $15,293,181. Correction: The excitement was short-lived as the token price plummeted to $0.009959, marking a significant decline. However, even with the correction, CumRocket still recorded a 136% increase in 24 hours. This is not the first time Musk has influenced the trajectory of CumRocket. Back in June 2021, a similar tweet from Musk caused the price of this token to skyrocket 400% in just 10 minutes, demonstrating his unparalleled influence on the meme cryptocurrency market. Kekius Maximus: New Year Parade Just a few days ago, Elon Musk also shifted his attention to another meme coin, Kekius Maximus (KEKIUS). On December 31, Musk updated his X profile (formerly Twitter), incorporating a reference to KEKIUS. His profile picture and new name prominently feature the PEPE-themed meme coin. Unprecedented Profit: Musk's meticulous verification has skyrocketed KEKIUS by 1200%, with the token trading at $0.154 during the peak of the price increase. Profit for investors: Some investors have made incredible profits, with some reportedly achieving a 17,000% profit from their KEKIUS investment in just one hour. Time: The price surge lasted for two days before Musk restored his profile, after which the token price stabilized. Meme Coin Mania: Con dao hai lưỡi Musk's tweets continuously prove to be a double-edged sword for cryptocurrencies. Although they can trigger large price increases, the gains are often not sustainable, leading to sharp corrections. Fluctuations: Both CumRocket and Kekius Maximus experienced rapid price increases followed by steep declines, highlighting the high risk nature of investing in meme coins. Market psychology: These events underscore the speculative nature of these tokens, where sentiment is driven by social media and may overshadow fundamental factors. Bigger picture The influence of Elon Musk on the cryptocurrency market, especially meme coins, cannot be denied. Whether it's Dogecoin, CumRocket, or Kekius Maximus, Musk's tweets often act as a catalyst for market activity. However, investors should be cautious, as these price surges often occur in a short period of time and are driven by hype rather than intrinsic value. As meme coins continue to dominate headlines, one thing is clear: in the world of cryptocurrency, the power of a tweet is never underestimated.