An unexpected windfall occurred for holders of an obscure cryptocurrency known as ‘X’ as its value catapulted over 1000% following Elon Musk’s announcement of changing the name of the popular social media platform Twitter to X.com. The unrelated token, tied to a now-defunct NFT marketplace, saw a massive surge after Musk’s announcement on July 23, with trading volume peaking at $50,000.
Musk’s X-maneuver sends cryptocurrency flying
In an astonishing turn of events, the largely unknown ‘X’ token saw a massive influx of trading activity following Elon Musk’s announcement of his intention to rename Twitter to X.com. The eccentric billionaire’s disclosure catalyzed a whopping 1,047% increase in the value of the ‘X’ token, according to CoinGecko.
The ‘X’ token was previously trading at a minuscule $0.00002 with virtually zero volume and liquidity. However, in less than 24 hours, it skyrocketed to $0.00087, with trading volume surging to $50,000. The majority of this newfound trading activity took place on the SushiSwap decentralized exchange (DEX).
It goes without saying that this was not the first time that Elon Musk had this effect on the crypto market, following his successive mentions of Doge and his most recent reference to the Milady collection.
A ripple effect from a disbanded marketplace
Interestingly, the now-soaring ‘X’ token was once connected to an NFT marketplace named X that ceased operations in May. The marketplace, now defunct, had announced the return of approximately $950,000 to ‘X’ token holders. Despite this closure, the token lived on, waiting for a resurgence that came unexpectedly in the form of Musk’s announcement.
Musk’s Twitter announcement stating, “X.com now points to twitter.com. Interim X logo goes live later today,” has garnered over 16 million views at the time of writing. His cryptic follow-up tweet reading, “Not sure what subtle clues gave it way, but I like the letter X,” only fueled the speculations and hype around the token.
The vision of X and its impact
While no one disputes the brilliance of Elon Musk, his management of Twitter – since acquiring it in October last year – has often been scrutinized for his propensity to publicly air his ideas on the platform.
Yet, in this latest turn of events, despite the decision seemingly arising on a whim, with Musk firing off a succession of tweets to unveil the concept, Twitter’s CEO – Linda Yaccarino – has stepped in to lend credence to the decision.
She revealed that the move had been around eight months in the making, suggesting that this rebranding initiative was not just a flight of fancy but a carefully thought-out strategy necessary for the brand’s evolution.
The newly appointed CEO of X Corp. elucidated Musk’s vision for X, stating, “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.”
Yaccarino’s ambitious statement signals the intent to transform the microblogging platform into a comprehensive interactive hub. Musk’s envisioned “global town square” could dramatically shift the dynamics of online interaction and commerce.
Beyond Twitter: The X Factor
The transformation from Twitter to X appears to be a strategic move to amplify the platform’s capabilities and potential. With rapid feature launches seen over the last eight months, this name change signifies a deeper transition in how the platform intends to revolutionize social media and beyond.
There seems to be no limit to this transformation, as X promises to “deliver, well…everything,” according to Yaccarino. As the world now eagerly anticipates what X has in store, the incidental beneficiaries, ‘X’ token holders, are enjoying a meteoric rise in their fortunes courtesy of Musk’s audacious move.