X, a little-known digital asset, has seen an astronomical boom, rising more than 1,000% following Elon Musk’s revelation of a Twitter rebranding venture.
The obscure altcoin is linked to Project X, a decentralized NFT marketplace that operates through various blockchain networks. To ensure community-driven governance, the X DAO plays a vital role, enabling users who have staked their X tokens to obtain the coveted vEX governance token, granting them voting rights within the platform.
Musk’s vision for X and its potential impact on the financial landscape is a driving force behind his decision to appoint Linda Yaccarino as CEO of Twitter in May. The ultimate goal is to facilitate Twitter’s transformation to X, bring the ambitious “super app” project to life and expand its reach to a massive user base.
Twitter Rebrand Plan Raises X Coin Price
Over the weekend, Musk took to Twitter to reveal his ambitious intentions, announcing the retirement of the signature blue bird symbol that has long served as Twitter’s iconic logo.
The eccentric billionaire wanted to give the microblogging platform a new identity by changing its name to X.com. Little did he know that this seemingly unrelated move would have a significant impact on an obscure cryptocurrency.
As a sequel to Musk’s surprise announcementwitnessed an unexpected response from the relatively unknown X token in the following hours.
— Elon Musk (@elonmusk) July 23, 2023
Coingecko data revealed that the price of X skyrocketed to $0.00037534, with an astonishing 24-hour rally of 1,628.2%. Even more astonishing was the seven-day rise, which reached 1744.2%.
X price movement in the 24-hour to the 30-day timeframe. Source: Coingecko
This unprecedented price action caught the attention of the crypto community, leading to speculation about the possible reasons behind the token’s sudden surge.
X price in the 24-hour timeframe. Source: Coingecko
In a follow up tweet, Musk wrote, “If a good enough X logo is posted tonight, we’ll make sure (it) goes live worldwide tomorrow.” This cryptic message added to the excitement and speculation surrounding the X token, leading investors and enthusiasts to anticipate the future of this enigmatic digital asset.
Bitcoin currently trading at $29,720 on the daily chart: TradingView.com
Musk’s vision for X
Musk has set his sights on creating a revolutionary “super app,” dubbed X, taking inspiration from the trendy WeChat platform, which dominates messaging, social media, and payment services in China.
He has openly expressed his wish emulate the success of WeChatwith the aim of developing an all-encompassing platform that can change the way people interact and transact.
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