Elon Musk has announced the rebranding of Twitter as “X”. As is often the case, the news has had an influence even on the cryptocurrency market. A hitherto confidential altcoin has soared… Could it be the new Dogecoin (DOGE)?
Elon Musk announces the start of Twitter’s transformation
Elon Musk’s plan is to turn Twitter into “X”, a super-app that’s a social network, payment service, creative platform and more. The beginning of this transformation was announced yesterday: the company is getting rid of the name “Twitter” in favor of “X”, and the bird logo is disappearing too.
https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE
Interim X logo goes live later today.
– Elon Musk (@elonmusk) July 23, 2023
Elon Musk, who changed his profile picture to the new logo for the occasion, explains that the X.com address now redirects to Twitter.com. Meanwhile, X Corp CEO Linda Yaccarino confirmed the company’s outsized ambitions:
“X is the future of unlimited interactivity – focusing on audio and video messaging, payments and banking, while creating a global marketplace for ideas, goods and services, as well as opportunities. Powered by AI, X will connect us all in ways we’ve only just begun to imagine. “
The ad makes an altcoin jump
Elon Musk’s influence on certain crypto is no longer in question – the billionaire is notably responsible for the memecoin Dogecoin’s (DOGE) strong comeback. Here too, the announcement had an effect, but not on the altcoin we might have expected. The token “X” has indeed soared since yesterday… Except that it’s not linked to either Elon Musk or Twitter. It is in fact a cryptocurrency linked to an NFT platform that has closed. In other words, it’s a deadcoin.
Until yesterday, X was quoted at $0.00001… Until yesterday. Since Elon Musk’s announcement, it has jumped to $0.0003. That’s a stratospheric increase of +1500% :
The price of X has come back from the dead since yesterday
We’ll say it again: the cryptocurrency is linked neither to Elon Musk nor Twitter, and shares with X only the name. Its explosion upwards is therefore typical of a crypto market that gets carried away for nothing, or at least for very largely speculative reasons. But history has shown that sometimes these sudden surges can revive projects.
It’s highly doubtful, however, that token X will become the new DOGE, and we’d advise extreme caution when it comes to investing in cryptocurrencies that suddenly explode. It also goes to show that, in the markets, enthusiasm very often dictates the measure… however misplaced it may be.
