Key Takeaways:
- Elon Musk announced he is changing the name and logo of Twitter to “X.”
- The domain x.com now directs to Twitter
- Now obscure tokens called ‘X’ have started rallying
YEREVAN (CoinChapter.com) — X token, an unknown altcoin, experienced an astonishing surge of over 2000% after Elon Musk announced that he is changing the name of social media giant Twitter to X.
According to CoinGecko, the lesser-known coin exchanged hands at $0.00002518, exhibiting virtually negligible volume and liquidity. However, following Tweets from Musk, it rallied significantly to reach the $0.00054838 mark. Meanwhile, its trading volume also skyrocketed to cross $50,000.
Why is the X token price rallying?
In a series of tweets on July 23, Musk revealed that the Twitter platform is on the verge of a major rebranding. The platform’s new name will be “X,” signaling its transformation into an all-encompassing “everything app.”
Earlier this year, Elon Musk made headlines with his acquisition of Twitter for a staggering $44 billion. Following this purchase, he integrated Twitter into X Corp, a privately-held corporation.
It’s essential to mention that X Holdings Corp. is the parent company of X Corp, and it remains privately owned without publicly trading its shares.
In October 2022, just before the acquisition, Musk had already expressed his vision for Twitter’s role as a catalyst in developing the “X” app.
The proposed rebranding now includes changing Twitter’s color scheme to black. The platform’s iconic blue bird logo will be replaced by a simple, stylish “X” written in white.
The website used to access Twitter might also undergo a makeover. Musk confirmed that the domain X.com now redirects to Twitter. The domain previously served as the online address for his financial services startup, founded in 1999. He later sold the same to PayPal but reacquired the domain from them in 2017.
When asked earlier whether Twitter would remove its current branding and logo, Musk humorously responded, “Sorry it took so long.”
X token capitalizes on Elon Musk’s love for the alphabet
Elon Musk’s connection to the letter “X” extends to various aspects of his ventures, including SpaceX and a model of Tesla named the “X.”
Revealing his plans, Musk shared a cryptic video of the letter “X” and a photo of himself striking an X formation pose in front of a Tesla X poster. In his caption, he playfully acknowledged that the clues might not have been too subtle, expressing his fondness for the letter “X.”
Furthermore, he hinted at bidding farewell to the Twitter brand and gradually phasing out all bird references.
Musk’s love for the letter X couldn’t have gone unexploited. After Musk dropped hints of the possible name change, some miscreants created a new meme token with that name.
According to CoinMarketCap, another X token reached an all-time high of $0.5058 today. That marks an over 4,000% rally from its low of $0.01136 a week ago.
As the anticipation builds, it remains to be seen how Twitter’s transformation into “X” will unfold and how it will impact the social media landscape. Musk’s enigmatic teasers have sparked curiosity and speculation among users and enthusiasts alike.
