According to data from Coingecko, the price of X token has increased by more than 2000% in the past day and by more than 1,830% in the past week.
An unrelated cryptocurrency dubbed X appears to be the new moon-bound token. In the past twenty-four hours, the price of X tokens has skyrocketed by a staggering 2000%. As part of rebranding efforts, Elon Musk recently altered his Twitter profile picture to the symbol X.
Is This The Effect Of Elon Musk?
The X token cryptocurrency is connected to a multi-chain decentralized NFT market. The token is owned and administered by the X community, according to the token’s official website, while the X DAO provides Governance. According to reports, the NFT marketplace is currently closed.
According to Coingecko data, the price of X token has increased by more than 2000% in the past day and by more than 1,830% in the past week. At the time of publication, X token is trading at an average price of $0.000392. Its 24-hour trading volume has increased by 142,771% to $133,491.
Will Rebranding Twitter Be Successful?
The anticipation generated by Elon Musk regarding the rebranding of Twitter to “X” appears to be a significant factor propelling the token to the moon. Musk even changed his Twitter profile picture to “X” in light of recent events.
Earlier, however, the world’s richest man shared a logo created by an online artist, stating that if a strong enough “X” logo were posted in time, he would immediately make it live worldwide.
Musk has emphasized that he will do more to steer the social media behemoth in a new direction as the number of advertisers declines. According to reports, Twitter’s negative cash flow has been caused by its substantial debt burden. In the meantime, experts suggest that the rebranding strategy may fail and alienate its loyal users.
