An Unprecedented Surge
The X token is tied to a closed NFT marketplace that saw a significant increase in value after Elon Musk announced the rebranding of Twitter to X.com.
In just 12 hours, the token’s value surged by over 1000%, jumping from $0.00002 to $0.00025, according to CoinGecko data.
Most trading for the token occurs on the SushiSwap decentralized exchange (DEX), but despite the surge, the trading volume remains low at just $51,000.
The surge was a result of users mistakenly associating the token with the rebranded Twitter after Elon Musk announced an upcoming logo change for the platform. However, the X token is actually part of a project initiated by X, a decentralized NFT marketplace operating on multiple chains, and has no connection to the rebranded Twitter. The platform’s governance is handled by the X DAO, and users with staked X tokens can exercise their voting rights by acquiring veX governance tokens.
Twitter’s Rebranding
Elon Musk announced on Sunday his plans to rebrand Twitter, including the retirement of the iconic blue bird logo that has been synonymous with the platform since its inception.
In a tweet, Musk mentioned that if a suitable X logo is posted, it could go live within 24 hours. Following the tweet, X.com started redirecting to Twitter.com, and Musk further tweeted about the company’s rebrand to X.
Musk also sent an email to Twitter employees informing them about the change to X, adding that it would be the last time he uses an email address associated with Twitter.
While some users, particularly Musk’s fans, welcomed the changes, long-time Twitter users expressed their dissatisfaction. Notably, Marques Brownlee, a well-known figure in the tech community, tweeted that he would continue referring to the platform as Twitter. Musk responded by saying, “Not for long.”
The rebranding of the platform serves as a clear indication that Twitter is no longer the same social media platform that was acquired by Musk. The newly appointed CEO of X Corp, the company that owns Twitter, stated that Twitter has made a significant impact on communication, but now X aims to go further and transform the global town square.
X is described as the future of unlimited interactivity, incorporating audio, video, messaging, payments/banking, and creating a global marketplace for ideas, goods, services, and opportunities. Driven by AI, X envisions connecting people in ways that we are only beginning to imagine.
Is the Market In Recovery?
While the X token experienced a surge, the rest of the crypto market remained stagnant without any significant movements. The total market capitalization has remained steady at $1.23 trillion for the past few days. Bitcoin’s prices briefly surpassed $30,000, but they have since retraced, with BTC currently trading at $29,787. The majority of cryptocurrencies are experiencing losses, with only a few exceptions finding gains.
Disclaimer: Please note that the following article is provided solely for informational purposes. It is not intended to serve as legal, tax, investment, financial, or any other form of advice.