Twitter boss Elon Musk’s new social media platform “X” is stirring up the crypto world. After the announcement, coins bearing the name X saw a serious pump…
Elon Musk takes the stage again in the crypto market
After the recent developments, a coin with the abbreviation X is pumping and falling independently of the market. Twitter boss Elon Musk decided this week to rebrand his social media platform as X. Then X cryptocurrencies dominated the market. Some of these X-named coins have recorded huge gains, as investors have fallen into a deep Fomo.
https://twitter.com/elonmusk/status/1683301504248061952
Earlier, Musk said, “X could be half of the global financial system.” His optimism has fueled massive rallies for tokens with stock symbols “X” as he speculates about the potential impact of the platform on the financial world.
Elon Musk says if done right, X could become 'half of the global financial system'.pic.twitter.com/dO6XNlLzvO
— The Spectator Index (@spectatorindex) July 24, 2023
With the rise in token prices, investors need to be wary of scams. Speaking to Coindesk, some experts attributed the emergence of these fake cryptocurrencies to the stagnation in Bitcoin (BTC) and Ethereum (ETH) prices, which have been in range for a while. Low volatility has sensitized investors to promising alternatives that offer more. According to James Wo, founder of crypto fund DFG:
With the biggest currencies like Bitcoin and ETH having very low volatility, it’s natural for investors to look for opportunities elsewhere.
New Twitter logo leads to the emergence of “X” tokens
Since Musk on Monday announced that Twitter would change its logo to the “X”, a number of tokens labeled “X” have emerged on DEXs. Announcing the decision on July 23, Musk noted that users should start saying goodbye to the Twitter bird and brand.
In April, Musk mentioned that he was interested in creating a “super app.” As a result, he made sure that Twitter is no longer an independent company. Instead, he decided to merge his social media platform into a new shell called “X Corp”.
And soon we shall bid adieu to the twitter brand and, gradually, all the birds
— Elon Musk (@elonmusk) July 23, 2023
Musk also added that from now on, Twitter will no longer have the bird logo. Instead, an “X” already displayed on the platform’s web section would become the company’s new logo.
Interestingly, these developments have led to the development of several meme tokens. A look at the DEX Screener showed that the value of an X token created less than 2 hours before print time has increased by 124%.
Here are the X coins that see the pump
Another X token has appeared on the Uniswap exchange. But this one was a bit older and was released 20 hours ago. In terms of performance, it gained 141,000%. However, X tokens were not exclusively released on Ethereum. The token with the same nametag has also appeared on BNB Chain. But instead of increasing, BNB’s X token lost 99.58% of its value at press time.
Dogecoin (DOGE) became one of the names that gained momentum with the developments around X-App.
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