X, a little-known digital asset, has experienced an astronomical surge, rallying by more than 1,000% following Elon Musk’s revelation about a Twitter rebranding venture.
The obscure altcoin is linked to Project X—a decentralized NFT marketplace that operates across various blockchain networks. To ensure community-driven governance, the X DAO plays a crucial role, empowering users who have staked their X tokens to obtain the coveted veX governance token, granting them voting privileges within the platform.
Musk’s vision for X and its potential influence on the financial landscape is a driving force behind his decision to appoint Linda Yaccarino as the CEO of Twitter in May. The ultimate goal is to facilitate the transformation of Twitter into X, bringing the ambitious “super app” project to life and expanding its reach to a massive user base.
Twitter Rebrand Plan Boosts X Coin Price
Over the weekend, Musk took to Twitter to reveal his ambitious intentions, announcing the retirement of the distinct blue bird symbol that has long served as Twitter’s iconic logo.
The eccentric billionaire aimed to give the micro-blogging platform a fresh identity by changing its name to X.com. Little did he know that this seemingly unrelated move would significantly impact an obscure cryptocurrency.
Following Musk’s surprising announcement, the next few hours witnessed an unexpected reaction from the relatively unknown X token.
— Elon Musk (@elonmusk) July 23, 2023
Coingecko data revealed that the price of X skyrocketed to $0.00037534, experiencing an astounding 24-hour rally of 1,628.2%. Even more astonishing was its seven-day surge, reaching 1744.2%.
X price movement in the 24-hour to the 30-day timeframe. Source: Coingecko
This unprecedented price action caught the crypto community’s attention, leading to speculation about the potential reasons behind the token’s sudden surge.
X price in the 24-hour timeframe. Source: Coingecko
In a follow-up tweet, Musk wrote, “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.” This cryptic message intensified excitement and speculation surrounding the X token, leaving investors and enthusiasts anticipating the future of this enigmatic digital asset.
Bitcoin currently trading at $29,720 on the daily chart: TradingView.com
Musk’s Vision For X
Musk has set his sights on creating a revolutionary “super app,” also called X, drawing inspiration from the trendy WeChat platform, which dominates messaging, social media, and payment services in China.
He has openly expressed his desire to emulate the success of WeChat, aiming to develop an all-encompassing platform that could reshape how people interact and conduct transactions.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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