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TL;DR Elon Musk’s influence has once again caused wild fluctuations in meme coin prices, with KEKIUS soaring 4,000% before collapsing 60%. The rapid price movements and lack of fundamental value in many meme coins highlight the importance of careful research and investing only what you can afford to lose. Dumping Hard The frog-themed meme coin Kekius Maximus (KEKIUS) has been a hot topic in the crypto space in the past few days. The token (whose logo represents a frog dressed in ancient Roman armor) experienced a nearly 4,000% price increase between December 30 and January 1. The pump could be attributed to Elon Musk, who changed his profile picture on X with the eponymous meme. The impressive spike allowed savvy traders to make millions due to entering the ecosystem at the right time. Lookonchain recently revealed the case of one industry participant who turned a $66 investment in KEKIUS into more than $3 million in just 18 days. However, the coin’s rally was short-lived, with its valuation crashing by 60% in the past 24 hours. At one point, KEKIUS dumped to as low as $0.08, while currently, it trades at around $0.15 (per CoinGecko’s data). KEKIUS Price, Source: CoinGecko Its sudden collapse appears to have been triggered once again by Tesla’s CEO, who is now visible on X as himself in the background of the American flag and not as the logo of the frog-themed token. Over the past few years, Musk has influenced the prices of many other meme coins through his tweets, public endorsements, and actions. One of the latest examples includes his comments regarding Peanut the Squirrel (PNUT). The meme coin is inspired by a pet squirrel named Peanut, which was euthanized to test for rabies after it reportedly bit a DEC worker during a seizure operation. Its death at the beginning of November last year caused huge controversy, with many people describing the move as unnecessary since the animal had lived indoors for years and showed no signs of the disease. Musk was among the critics, labeling the effort as a “government overreach” and provocatively saying that “Donald Trump would save the squirrels.” He continued to tweet about the animal in the following days, contributing to the coin’s price explosion to an all-time high of almost $2.30 on November 14. At that point, PNUT’s market cap surpassed $2 billion, placing the asset among the top 10 biggest meme coins. In the past month, though, Peanut the Squirrel has lost over 40% of its valuation while its capitalization fell below $800 million. Be Careful With Memes The enhanced volatility in the sector and the lack of fundamental value (in many meme coin projects) should serve as warnings to those contemplating jumping on the bandwagon. Traders who still want to enter the ecosystem should follow some key rules to avoid a devastating outcome, such as investing only as much as they are ready to lose and conducting proper research beforehand. The post This Meme Coin Crashes by 60% After Another Elon Musk Interaction on X: Details appeared first on CryptoPotato .
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Pepe the Boss (PEPEBOSS) Solana Memecoin Will Explode Over 19,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag
Pepe the Boss could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Pepe the Boss (PEPEBOSS), a new Solana memecoin that was launched today, is set to explode over 19,000% in price in the coming days. This is because PEPEBOSS is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Pepe the Boss can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days. Early investors in SHIB and DOGE made astronomical returns, and Pepe the Boss could become the next viral memecoin. Pepe the Boss launched with over $8,500 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains. How to Buy To buy Pepe the Boss on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe the Boss by entering its contract address – 5pgsjH712NZ6eaKunsEfZarG9UotHaxvheW5E39a8NFX – in the receiving field. If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others. In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price. If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner. The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum. This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PEPEBOSS. Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price. Crypto Potato
Bitcoin Hashrate Hits New All-Time High — Can Price Reclaim $100,000?
According to recent blockchain data, the Bitcoin hashrate has been on the rise as it touched a new all-time high on Friday, January 3rd, 2025. This new peak comes as the premier cryptocurrency continues to recover after a disappointing end to the year 2024. Positive Correlation Between Bitcoin Price And Hashrate The “hashrate” is a metric that measures the total amount of computing power that secures a Proof-of-Work blockchain network (Bitcoin, in this case). It is used to determine the mining difficulty of a blockchain and gauge network participation. When the hashrate metric increases, it indicates that Bitcoin miners are devoting more computational resources to the network, with the blockchain becoming more secure as a result. Meanwhile, a lower hashrate suggests reduced network participation and less security. Related Reading: Toncoin Price Recovery Continues — Is The Dwindling Staking TVL Ratio Bullish? On Friday, the Bitcoin hashrate briefly hit a new record high of over 1,000 exahashes per second (EH/s). According to the latest on-chain data, the hashrate has retraced back to around 783.02 EH/s, as of this writing. Data from CoinWarz shows that this new all-time high for Bitcoin hashrate is nearly double its value about a year ago. As of January 2024, the BTC network hashrate stood at around 510 EH/s. From a historical standpoint, there is a positive correlation between the network hashrate and Bitcoin price. For instance, substantial increases in the hashrate during the 2017 and 2021 bull cycles overlapped significant price rallies. Moreover, a higher hashrate signals strong network fundamentals, which can improve the sentiment surrounding the premier cryptocurrency. While this may not lead to immediate surges, it could contribute to the price growth over time. As of this writing, the price of Bitcoin stands at around $98,264, reflecting an almost 2% increase in the past 24 hours. This optimistic single-day action adds to the somewhat positive weekly performance, with the flagship cryptocurrency up by nearly 5% in the past seven days. US Mining Pools Now Account For 40% Of Global Hashrate: Report A new report has revealed that the United States accounted for more than 40% of Bitcoin‘s global hashrate at the end of 2024. Specifically, two US-based mining pools, Foundry USA and MARA Pool, were responsible for over 38.5% of all blocks mined. Related Reading: XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave A TheMinerMag report showed that Foundry USA improved its hashrate from 157 EH/s at the beginning of 2024 to approximately 280 EH/s by December to become the single largest mining pool by hashrate. Meanwhile, MARA Pool accounts for about 4.35% of global hash power. While this represents significant growth for the United States in the BTC mining industry, China-based mining pools still control the majority of the total hashrate. Despite a ban on crypto in the country, Chinese mining pools controlled 55% of the global hashrate, as of September 2024. Featured image from iStock, chart from TradingView Crypto Potato
