Connect with us
Active Currencies 14906
Market Cap $2,507,591,755,605.50
Bitcoin Share 51.27%
24h Market Cap Change $2.64

Elon Musk’s rebrand of Twitter drives emergence of “X” tokens

2min Read

In less than 20 hours, one token increased by over 141,000%. Here are the other details around the development.

Elon Musk's rebrand of Twitter drives emergence of "X" tokens

Share this article

  • Several meme tokens with the X tag emerged moments after the disclosure.
  • DOGE’s price increased, the same as its trading volume.

Since Elon Musk announced that Twitter would rebrand to “X”, a number of tokens with the “X” tag have surfaced on Decentralized Exchanges (DEXes). Musk, who made the decision known on 23 July, noted that users should start bidding the Twitter bird and brand goodbye.


Realistic or not, here’s BNB’s market cap in ETH terms


In April, Musk mentioned that he was interested in building an “everything app”. As a result, Musk ensured that Twitter was no longer an independent company. Instead, he decided to merge the social media platform with a new shell called the “X Corp.”

Musk also added that subsequently, Twitter will no longer have the bird logo. Rather, an “X” which was already on display on the platform’s web section would be the new logo for the company.

Interestingly, this disclosure led to the development of several meme coins. A look at DEX Screener showed that an X token which was created less than 2 hours before press time had increased by 124% in value.

Xs on the rampage

Another X token appeared on the Uniswap [UNI] exchange. But this one was a little older and was launched 20 hours back. In terms of performance, the X token had increased by 141,000%.

However, X tokens were not only launched on the Ethereum [ETH] blockchain. The token with the same name tag also appeared on the BNB Chain. But instead of a hike, the X token on the BNB Chain lost 99.58% of its value at press time.

X tokens on decentralized exchanges

Source: DEX Screener

Take critics into consideration

Meanwhile, Linda Yaccarino, Twitter’s recently-announced CEO also weighed in on the matter. According to her, the decision to rebrand the platform was centered around creating a global marketplace.

Yaccarino also added that the rebrand to X would help Twitter take critics’ opinions into consideration while highlighting that the platform would push out a number of new features. She noted that,

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.


How much are 1,10,100 DOGEs worth today?


On the other hand, the trading volume of Dogecoin [DOGE], which has had Elon Musk’s love for a long time, increased by 187%. Its price also rose by 2.44% to $0.073.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.