Cryptocurrency ‘X’ surged more than 1000% following Elon Musk’s announcement to change Twitter’s name to X.com. Token X, tied to a closed NFT market, was trading at $0.00002 and jumped to $0.00025 with volume rising to $50,000. Despite the unrelated token surge, the overall crypto market remains dormant with a total capitalization of $1.23 trillion.
Twitter’s owner, Elon Musk, hinted on Saturday that he could soon ditch the blue bird logo of said social network, and opt for one based on an “everything application”.
“Soon we shall bid adieu to the Twitter brand and, gradually, all the birds,” he expressed on the social network, implying the term for the association made with the sound emitted by birds, which gave rise to the word “tweet.”
A cryptocurrency called X has skyrocketed by four figures in the wake of Elon Musk’s announcement to change Twitter’s name. A token called X linked to a now-closed NFT marketplace has risen more than a thousand percent since Musk’s announcement on July 23.
X Token Cranks
In the last 12 hours or so, token X has risen 1047%, according to CoinGecko.
On Sunday, the obscure coin was trading at $0.00002 with virtually zero volume and liquidity. By Monday morning in Asia, it had risen to $0.00025, with volume rising to $50,000. Almost all of that volume is on the SushiSwap decentralized exchange (DEX).
The totally unrelated token is tied to the X NFT marketplace, which announced its closure in May. Their website claims that the treasury of around $950,000 was returned to X token holders.
Also, bad gamblers are adding to the “hype” surrounding Elon Musk’s comments. On July 23, he tweeted: “X.com is now targeting Twitter.com. The Interim X logo will be released later today.” He said that he was “not sure what subtle clues they gave it, but I like the letter X.”
The recently appointed CEO of X Corp., which owns Twitter, Linda Yaccarino, was quick to follow up:
“For years, fans and critics alike have pushed Twitter to dream bigger, to innovate faster, and to fulfill our great potential. X will do that and more. We’ve already started to see X take shape over the past 8 months through our rapid feature launches, but we’re just getting started.”
She further added that “Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square.”
An additional tweet reads “X is the future state of unlimited interactivity – centered in audio, video, messaging, 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.”
Musk tweeted the ‘X’ symbol about an hour ago, but there have been no visible changes to the Twitter platform yet.
Crypto Market Reaction
Aside from the unrelated shitcoin X and a pump and dump on StormX (STMX), the crypto markets are still dormant. Total capitalization remains at $1.23 trillion, where it has been over the weekend.
BTC prices topped $30,000 a few hours ago but later fell back to $29,756. The rest of the altcoins are sinking deeper into the red during the Asian trading session on Monday morning.
By Audy Castaneda
