Twitter is Rebranding to X and an Unrelated Token is Skyrocketing

In Brief

• Obscure cryptocurrency 'X' surged over 1,000% following Elon Musk's announcement to rebrand Twitter as X.com.
• The X token, linked to a closed NFT marketplace, was trading at $0.00002 and jumped to $0.00025 with volume surging to $50,000.
• Despite the unrelated token's surge, the overall crypto market remains dormant with total capitalization at $1.23 trillion.

An obscure cryptocurrency called X has skyrocketed four figures in the wake of Elon Musk’s announcement to rebrand Twitter. The eccentric billionaire intends to change the name of the micro-blogging platform to X.com.

A token called X linked to a now-closed NFT marketplace has surged more than one thousand percent since Musk’s announcement on July 23.

X Token Cranks
Over the past 12 hours or so, the X token has pumped a whopping 1,047%, according to CoinGecko.

On Sunday, the obscure coin was trading at $0.00002 with virtual zero volume and liquidity. By Monday morning in Asia, it had pumped to $0.00025, with volume surging to $50,000.

Nearly all of that volume is on the SushiSwap decentralized exchange (DEX).

The totally unrelated token is linked to the X NFT marketplace, which announced its closure in May. Its website states that the treasury of around $950,000 was being returned to X token holders.

Furthermore, degens are jumping onto the hype surrounding Elon Musk’s comments. On July 23, he tweeted: "X.com now points to twitter.com. Interim X logo goes live later today.”

“Not sure what subtle clues gave it way, but I like the letter X,” he said.

Recently appointed chief executive officer of X Corp., which owns Twitter, Linda Yaccarino, was quick to follow up:“Twitter made one massive impression and changed the way we communicate,” she said before adding, “Now, X will go further, transforming the global town square.”

“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.”

Additionally, the July 24 tweet had more than 16 million views at the time of writing.

Musk tweeted the ‘X’ symbol about an hour ago, but there have yet to be any visible changes to the Twitter platform.

Crypto Market Reaction?
Aside from the unrelated shitcoin X and a pump and dump on StormX (STMX), crypto markets are still dormant.

Total capitalization remains at $1.23 trillion, where it has been over the weekend.

BTC prices spiked above $30,000 a few hours ago but have retreated back to $29,756 at the time of writing.

Moreover, the rest of the altcoins are slipping deeper into the red during the Monday morning Asian trading session.

Disclaimer
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