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

• 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.

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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.

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.

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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.