A lesser-known meme cryptocurrency named Kekius Maximus experienced a significant price surge on Friday, with its value increasing by more than 120% in just a few hours. The sudden uptrend was triggered by Elon Musk updating his X (previously Twitter) profile.

It has become a trend that whenever Musk changes his name on X, there is speculation and a subsequent surge in the price of certain cryptocurrencies. However, some red flags concerning Kekius Maximus are causing worries in the community.

Musk changed his name to "Kekius Maximus" on his X account and also altered his avatar to a computer-generated image of himself dressed in gladiator armor. This move generated a fresh wave of interest in the coin, which had been flying under the radar in recent times.

Reportedly, the digital asset rose from obscurity to hit a four-month high of $0.06 following Musk's action. Despite this surge, it is still significantly lower than its all-time peak of $0.4011, which occurred during a previous meme occurrence influenced by Musk in January.

The current spike propelled Kekius Maximus' market cap to around $57 million, which is notably less than its earlier peak of $181 million. The coin draws its branding inspiration from the Pepe the Frog meme and the renowned Maximus character from the film Gladiator, aligning with Musk's branding strategy and appealing to his audience's interest.

Although Musk has not openly acknowledged the coin or hinted at any direct involvement, his prior influence on crypto markets through subtle social media actions is well-documented, particularly with his history of endorsing Dogecoin. This has trained investors to react swiftly to any signals provided, even indirectly.

The rally of Kekius brings to light a common occurrence in the crypto markets where Musk's online activities tend to spark sudden speculative booms. Even without a direct endorsement, a mere reference or change in imagery can trigger a buying frenzy driven by fear of missing out (FOMO) among investors.

Before this incident, Kekius Maximus had shown little activity or trading volume. Musk's rebranding seemed to breathe new life into the project, albeit temporarily. Past events indicate that meme-driven pumps often retract once the initial hype diminishes.

Meanwhile, there seems to be exploitation of the hype surrounding the project by malicious entities. Crypto analysts flagged a Kekius-themed project where the team held 99% of the token supply and planned to sell it to the community, labeling it as an obvious scam and advising against investing in it.