Several X-tagged meme tokens appeared shortly after the reveal. The price of DOGE increased, as did the trading volume.
Since Elon Musk announced that Twitter would be renaming it “X”, a number of tokens with the “X” tag have surfaced on Decentralized Exchanges (DEXes). Musk, who announced the decision on July 23, noted that users should say goodbye to the Twitter bird and brand.
And soon we will say goodbye to the twitter brand and gradually all birds
— Elon Musk (@elonmusk) July 23, 2023
Realistic or not, here it is BNB’s market cap in ETH terms
In April, Musk said he was interested in building an “everything app.” As a result, Musk ensured that Twitter was no longer an independent company. Instead, he decided to merge the social media platform with a new shell, the “X Corp.”
Musk also added that Twitter will no longer have the bird logo later on. Rather, an “X” already seen on the web section of the platform would be the new logo for the company.
Interestingly, this revelation led to the development of several meme coins. A look at DEX Screener showed that an X token created less than 2 hours before press time had increased in value by 124%.
XS on the run
Another X token appeared on the Uniswap [UNI] stock exchange. But this one was a bit older and launched 20 hours ago. In terms of performance, the X token was up 141,000%.
However, X tokens were not only launched on the Ethereum [ETH] block chain. The token with the same nameplate also appeared on the BNB Chain. But instead of an increase, the X token on the BNB chain lost 99.58% of its value at the time of writing.
Source: DEX Screener
Be mindful of critics
Meanwhile, Linda Yaccarino, Twitter’s recently announced CEO, also weighed in on the matter. According to her, the decision to rebrand the platform was aimed at creating a global marketplace.
X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.
— Linda Yaccarino (@lindayacc) July 23, 2023
Yaccarino also added that the rebranding to X would help Twitter take critics’ views into account, while highlighting that the platform would release some new features. She noted that,
For years, fans and critics alike have pushed Twitter to dream bigger, innovate faster, and live up to our great potential. X will do that and more. We’ve already seen X take shape over the past 8 months through our rapid feature launches, but we’re just getting started.
How many Worth 1,10,100 DOGEs today?
On the other hand, the trading volume of Dogecoin [DOGE], which Elon Musk has loved for a long time, rose 187%. The price also rose 2.44% to $0.073.
This post Elon Musk’s rebranding of Twitter fuels the rise of “X” tokens
was published first on https://ambcrypto.com/elon-musks-rebrand-of-twitter-drives-emergence-of-x-tokens/
