After Elon Musk and the Twitter rebranding announcement, a cryptocurrency called X has gone up four places. The eccentric billionaire planned to rename his microblogging platform to X.com. Here are the details…
This coin rose with the move of Elon Musk
A token called X, tied to a now-closed NFT market, has risen more than a thousand percent since Musk’s announcement on July 23. According to CoinGecko, over the past 12 hours, X token has increased by 1,047 percent. The coin was trading at $0.00002 with zero volume and liquidity. It rose to $0.00025 on Monday morning and the volume increased to $50,000. Almost all of this volume took place on the SushiSwap decentralized exchange (DEX).
Completely unrelated to Elon Musk, the token is linked to the X NFT market, which announced its closure in May. The website states that approximately $950,000 of the treasure has been returned to X token holders. What’s more, the “tumblers” are jumping on the hype surrounding Elon Musk’s comments. On July 23, Elon Musk tweeted:
X.com now points to twitter.com. The temporary X logo will go live later today. I’m not sure what subtle cues lead the way, but I love the letter X.
Big change on Twitter
Twitter’s owner, X Corp. Linda Yaccarino, the recently appointed CEO of the company, also made a statement regarding this. “Twitter has made a huge impact and changed the way we communicate. Now X will go further and transform the global city square.” According to the CEO, X is the future of unlimited interaction centered on voice, video, messaging, payments/banking, creating a global market for ideas, products, services and opportunities. “X, powered by artificial intelligence, will connect us all in ways we’ve only just begun to imagine,” Yaccarino said. said.
Also, the tweet dated July 24 had more than 16 million views at the time of writing. Musk tweeted the ‘X’ symbol about an hour ago. However, there has been no visible change to the Twitter platform yet. Other than a pump and dump on unrelated shitcoin X and StormX (STMX), crypto markets are still stagnant. Its total market cap remains at the $1.23 trillion level it was at over the weekend. BTC prices rallied above $30,000 a few hours ago but retreated to $29,756 at the time of writing. Moreover, the rest of the altcoins are sliding towards the red during the Monday morning trading session.
