Musk changed his X account name to Kekius Maximus the day before, and his profile picture changed to an image of a "Pepe the Frog" character who often appears as a meme on the Internet community holding a game console.
According to the BBC, "Kekius" appears to have written "Kek" like Latin, which is almost identical to "lol" among gamers, but now often appears in far-right Internet communities.
Kek is also the name of an ancient Egyptian god who symbolizes chaos and darkness and is sometimes depicted with a frog head.
It has also been argued that the outfit in the image or the name Maximus is reminiscent of Maximus Desimus Meridius, the main character in the movie Gladiator starring Russell Crowe.
When news broke that Musk had changed his account name, the price of the eponymous meme coin (a cryptocurrency created for fun and other purposes) soared.
Musk has also had a huge impact on the virtual currency market in the past, referring to meme coins like Dogecoin and Shiba Inu.
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