The price of token X soared by 1000% after the announcement of the rebranding of Twitter
Date: 2023-07-24 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The price of a little-known cryptocurrency called X soared by more than 1000% after Elon Musk's announcement of Twitter's rebranding.
The eccentric billionaire intends to rename the microblogging platform to X.com.
According to CoinGecko, token X quotes have soared by 1047% in the last 12 hours.
On Sunday, the little-known coin was trading at $0.00002 with almost zero volume and liquidity. By Monday morning in Asia, its price rose to $0.00025, and the trading volume reached $50,000. Almost all of it came from the decentralized exchange (DEX) SushiSwap.
Cryptocurrency X is associated with the NFT marketplace of the same name, which closed in May this year. The website of the trading platform states that token holders will be able to return funds in the amount of about $950 thousand.
Musk plans a complete rebranding of Twitter
On July 23, the billionaire spoke about the upcoming rebranding of his social network. In a series of tweets, the businessman shared his plans with subscribers, which, among other things, include changing the name of the site to "X". Musk is going to remove the Twitter logo that has become familiar to many users - a blue bird, and change the color scheme to black and white.
"X.com now leads to twitter.com. A temporary X logo will appear later today. I don't know what subtle clues led to this, but I like the letter X," he wrote.
Linda Iaccarino, who was recently appointed CEO of the platform, also expressed her opinion on the imminent changes:
"Twitter has made a huge impression and changed the way we communicate. X is the future of unlimited interactivity—audio, video, messaging, payments/banking—creating a global marketplace for ideas, goods, services, and opportunities. Thanks to artificial intelligence, X will connect all of us in ways we are just beginning to imagine."
At the time of writing, Musk's tweet has more than 16 million views.
