An obscure altcoin called the X token has surged by over 1000% following Elon Musk’s announcement that Twitter is rebranding itself to X.com.
However, the token in question has absolutely no association with the rebranded Twitter or X.com, as it is now known.
The X token is linked to an NFT marketplace that announced its closure back in May and registered a staggering increase following Elon Musk’s announcement to rebrand Twitter to X.com. The token, which was trading at $0.00002, jumped to $0.00025. According to data from CoinGecko, the token’s value has jumped by over 1000% over the past 12 hours. Most of the token’s trading volume is on the SushiSwap decentralized exchange (DEX). However, despite the massive surge, the token’s trading volume remains low, amounting to just $51,000.
Is There An Association With Twitter?The surge occurred after Elon Musk announced an upcoming logo change for the social media platform. Following the announcement, users likely thought the token was related to the rebranded platform. However, the token was part of a project started by X, a decentralized NFT marketplace operating across several chains, and has no association with the rebranded Twitter. The X DAO is in charge of the platform’s governance, and users who have staked their X tokens can exercise their voting rights after obtaining the veX governance tokens.
Twitter’s RebrandingElon Musk had announced his plans to rebrand Twitter on Sunday, stating that he intended to retire the iconic blue bird logo that had been part of Twitter’s global identity since its inception. In a tweet, he stated that if a good enough X logo is posted, it could go live within 24 hours. Following the tweet, X.com began redirecting to Twitter.com, with Musk tweeting about the company’s rebrand to X.
“Soon we shall bid adieu to the Twitter brand and, gradually, all the birds. If a good enough X logo is posted tonight, we’ll make it go live worldwide tomorrow.”
Musk had also sent an email to Twitter employees telling them about the change to X. He added that this would be the last time he would be using an email address associated with Twitter. While some users, specifically Musk fans, applauded the changes, long-time users of Twitter are miffed with the changes. Marques Brownlee, one of the most well-known names in tech, tweeted that he was still going to call the platform Twitter. Musk responded to the tweet, stating, “Not for long.”
The platform’s rebrand is the clearest indication yet that Twitter is no longer the same social media platform purchased by Musk. Recently appointed chief executive officer of X Corp, which owns Twitter, stated,
“Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square. X is the future state of unlimited interactivity – centered in audio, video, messaging, and payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.”
Markets In Recovery?Apart from the X token surge, crypto markets remained dormant, with no major movements. The total market capitalization still stands at $1.23 trillion and has remained at that level for the past few days. Bitcoin prices had jumped over the $30,000 mark but have since fallen back, with BTC currently trading at $29,787. Most cryptocurrencies are firmly rooted in the red, with only a few exceptions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
