TWTR - X token goes parabolic after Elon Musk rebrands Twitter

2023-07-24 06:39:41 ET

The little-known X token is riding on Elon Musk’s Twitter, Inc. ( NYSE:TWTR ) rebrand to X.com. It registered a monster 4004% surge in the early hours of Monday morning before pulling back. Although the token had dropped by more than 3000% in the past few hours, it was still up more than 1400% over the last 24 hours timeframe.

While the X token is not linked in any way to Twitter or any other Elon Musk’s businesses, the hype around Elon Musk’s Twitter rebrand after months of testing has created quite a sensation among crypto enthusiasts who believes Elon Musk could include cryptocurrencies on the platform in future.

What is the association between X token and Twitter?

The X token is associated with an NFT marketplace that declared its closure in May and experienced a stunning rise after Elon Musk revealed his plan to rename Twitter to X.com.

The token’s price surge happened following Elon Musk’s announcement of the social media platform’s impending logo change. Besides the price surge, the token has also witnessed a significant trading volume surge. The volume had increased by 192342% at press time to $179,609.

However, the token’s market cap remains below 500,000 despite the hype created by the Twitter rebrand.

Twitter rebrands to X

After months of teasing by its former CEO, Elon Musk, the well-known social media platform Twitter officially changed its name to X. The well-known social media app underwent a rebranding that saw its recognisable bird logo replaced with a straightforward X. The social media app’s colour scheme was changed from blue to black as part of the rebranding.

Twitter’s URL also was modified as part of the rebranding to x.com, a domain name connected to Musk’s 1999 financial services startup that was acquired by ( NASDAQ:PYPL ).

X.com was an online bank initially funded by Greg Kouri and Musk, who went on to fund Elon Musk’s later ventures SpaceX and Tesla.

When Musk founded the company in 1999, the brand name “X” became associated with him. It failed to become a standalone business, though, and later merged with Paypal.

The letter X is used by Musk in the name of his space company, SpaceX, as well as in the names of several Tesla vehicle models. And now after thirty years, the character of Twitter, which was recently acquired by Musk for 44 billion , is becoming a stand-alone brand thanks to its rebranding.

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