Twitter’s rebranding sparks crypto frenzy

Twitter's rebranding sparks crypto frenzy

Multiple tokens adorned with the label ‘X’ emerged on various decentralized exchanges as Twitter, under the leadership of Elon Musk, initiated a transition from its recognizable blue bird emblem to an ‘X’ insignia.

The first indication of this imminent shift was given by Musk in a tweet during the weekend. This was later substantiated on Sunday, July 23, by Twitter’s CEO, Linda Yaccarino.

“X represents the boundless potential of a new era of engagement encompassing audio, video, messaging, and even banking transactions, shaping a worldwide forum for the exchange of thoughts, merchandise, services, and opportunities,” stated Yaccarino. “AI will be the driving force behind X, linking us in manners we are just beginning to comprehend.”

The transition to X Corp began in April 2023 when Musk integrated Twitter into the newly formed corporation. Around the same period, he registered X.AI Corp., an artificial intelligence startup. Twitter’s new boss (at the time) then went on to set up xAI, his own AI firm, with the lofty aim of “deciphering the cosmos.”

‘X’ coins mania

A plethora of ‘X’ tokens have since materialized across various blockchain platforms, ranging from those with well-articulated plans for the future to others that appear to be classic pump-and-dump schemes.

One such token witnessed a remarkable 1,200% surge within a 24-hour span despite the associated project having been abandoned in May, an indicator that low-cap traders were buying any ‘X’ token in a bid to turn a small profit.

Over the weekend following Musk’s tweets, new tokens were launched by opportunistic developers. One such token, named “AI-X” (bearing a logo identical to Musk’s SpaceX firm), experienced a tenfold increase. Another, “Deus X,” inspired by a Musk tweet, witnessed an extraordinary 2,600% upsurge.

Similarly, Ethereum Name Service (ENS) domain xcoin.eth is presently listed at a rate of 0.69 ETH, translating to just below $1,300. The domain was sold for 1.2 ETH — nearly double the current listing amount — earlier today.

“Whether we approve of them or not, meme coins are significant elements of the cryptographic trading scene,” James Wo, founder of DFG, a crypto fund, told CoinDesk at the pinnacle of one such meme frenzy. “When major currencies like bitcoin and ether exhibit minimal volatility, it’s inevitable that traders will explore other opportunities.”

“Meme trading is a risky pursuit of outsized returns, but when successful, the benefits can be enormous. So, even in a bear market, some meme coins will experience large upswings, albeit for a short duration,” he added.

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