Twitter X Rebrand Sends ‘X’ Altcoin Soaring 1,000%
In a surprising turn of events, the world of cryptocurrencies witnessed an astounding surge in an obscure altcoin known as ‘X’ following a major announcement from none other than Elon Musk.
The enigmatic billionaire revealed his plans to rebrand Twitter X, the renowned micro-blogging platform, to the name “X.com.”
As the news spread like wildfire across the crypto community, the X token, associated with a now-closed NFT marketplace, experienced a jaw-dropping rally of over 1,000% in just a matter of hours.
The Explosive Rise of X Token
The X token, which had been virtually unheard of until recently, catapulted into the limelight when Musk’s announcement sent shockwaves through the market.
According to data from Coinmarketcap, the token’s price skyrocketed an astonishing 1,047% within a mere 12-hour period.
To put this into perspective, on the previous day, the coin was trading at an almost negligible value of $0.00002 with minimal trading volume and liquidity.
However, by the following day in Asian markets, it had surged to an impressive $0.00025, with trading volume reaching an astounding $50,000.
Interestingly, the bulk of this trading volume was concentrated on the SushiSwap decentralized exchange (DEX), an indication of the frenzy that ensued after Musk’s announcement.
But why exactly did this obscure token experience such an explosive rise in value?
Unraveling the X Token Connection
The X token’s meteoric surge has a connection to the X NFT marketplace, which had previously announced its closure back in May.
The NFT marketplace made a significant announcement that the treasury, amounting to around $950,000, would be returned to X token holders.
This development might have triggered initial interest in the token, leading to a series of events that culminated in the recent explosive rally.
Elon Musk’s Cryptic Tweets Fuel Speculation
Elon Musk, renowned for his enigmatic and often provocative Twitter presence, did not disappoint when it came to teasing the rebranding of Twitter.
On July 23, he tweeted, “X.com now points to twitter.com. Interim X logo goes live later today.”
He followed it up by saying, “Not sure what subtle clues gave it away, but I like the letter X.”
Linda Yaccarino, the recently appointed CEO of X Corp., which owns Twitter, joined the hype train, stating, “Twitter made one massive impression and changed the way we communicate.
Now, X will go further, transforming the global town square.”
She described X as a futuristic state of unlimited interactivity, centered around audio, video, messaging, and payments/banking, and envisioned it as a global marketplace for ideas, goods, services, and opportunities, all powered by AI.
The Ripple Effect: Musk’s Tweet Goes Viral
Elon Musk’s tweet on July 24th generated a staggering 16 million views at the time of writing, demonstrating the immense impact his words have on the cryptocurrency space and beyond.
Despite the tweet showcasing the ‘X’ symbol, users have yet to witness any visible changes to the Twitter platform, heightening the anticipation surrounding the impending rebrand.
Crypto Market in Flux
While the ‘X’ altcoin stole the spotlight with its spectacular surge, the broader crypto market remained relatively subdued.
Total market capitalization hovered around $1.23 trillion, maintaining its position from the weekend.
Bitcoin (BTC) did experience a brief spike above $30,000 but retreated back to around $29,756 by the time of writing.
Meanwhile, other altcoins faced downward pressure during the Monday morning Asian trading session.
Conclusion: The Power of Musk’s Influence
Elon Musk’s influence on the cryptocurrency market cannot be understated.
With a single tweet, he managed to ignite a surge in an otherwise obscure altcoin, generating immense excitement and speculation.
As the crypto community eagerly awaits the official Twitter rebrand to ‘X.com,’ the frenzy surrounding the X token remains an intriguing spectacle to observe.
Whether this newfound popularity will be sustained or prove to be a fleeting trend, only time will tell.
Until then, the crypto world will continue to hang on to every word and tweet that emerges from the mind of Elon Musk.