The world's richest man, Elon Musk, has sparked speculation after changing his name on his social media platform X to "Kekius Maximus".

The tech mogul - and close confidant of US President-Elect Donald Trump - offered no immediate explanation for the name or his new profile image which depicts the character Pepe the Frog - a meme that has been used by far-right groups.

The move has sent ripples through the cryptocurrency world, sending the value of a memecoin - a digital currency inspired by internet memes - that shares the same name skyrocketing.

In the past, Mr Musk has influenced crypto prices with his social media commentary, but it was not immediately clear if he had any involvement in this particular memecoin.

"Kekius" appears to be a Latinisation of "kek", a word roughly equivalent to "laugh out loud" popularised by gamers but now often associated with the alt right.

"Kek" is also the name of the ancient Egyptian god of darkness, who is sometimes depicted with the head of a frog.

Many people would link "Maximus" to the name of Russell Crowe's heroic character in the film Gladiator, Maximus Decimus Meridius.

Mr Musk's new profile image depicts Pepe in Roman military dress holding what appears to be a game console.