In a dramatic turn of events, Kekius Maximus ($KEKIUS), a cryptocurrency that had been making waves in the digital currency markets, experienced a staggering 80% price drop within an eight-hour window, sending shockwaves through the crypto community.
This sharp decline was observed starting from the early trading hours of December 31, 2024, as per the latest market data.
The drop began after $KEKIUS reached an all-time high of $0.09274 earlier in the day, a peak that had many investors and traders betting on further rises due to its burgeoning popularity and the buzz around its potential for high returns.
However, by 05:44 AM PST, the value had plummeted to approximately $0.0204, erasing nearly 80% of its value in a matter of hours.
Source: CoinmarketCap
Market analysts are pointing towards several factors that might have contributed to this rapid decline. One significant factor could be the selling off by large holders, or “whales,” a common occurrence in the crypto market where large sell orders can significantly impact the price due to the relatively thin liquidity of many cryptocurrencies.
Additionally, there’s speculation about potential insider trading or market manipulation, especially given the recent social media frenzy around $KEKIUS following Elon Musk’s profile change to “Kekius Maximus,” which had initially boosted its price.
