“X” Token Surges 2000% Post Elon Musk’s Twitter Profile Update

Crypto News: An unrelated crypto called X seems to be the new token in the trend of going to the moon. X token price zoomed by a massive 2000% in the last 24 hours. This comes after Elon Musk changed his Twitter profile picture to the symbol X amid rebranding plans.

Also Read: RIP Twitter; Elon Musk Officially Rebrands Twitter To “X”

Is This The Elon Musk Effect?

Crypto called X token is linked to a multi-chain decentralized NFT market. Its official website mentions that the token is owned and operated by the X community, while, the Governance was provided by the X DAO. However, it is reported that the NFT marketplace is now closed.

According to the Coingecko data, X token price jumped by more than 2000% over the past day, while its price has recorded a surge of 1,830% in the past 7 days. X token is trading at an average price of $0.000392, at the press time. Its 24 hours trading volume is up by 142,779% to stand at $133,491.

Will Rebranding Twitter Plan Work?

It seems like the hype generated by Elon Musk regarding rebranding Twitter to “X” seems to be a major force driving the token to the moon. In the recent turn of events, Musk even updated his Twitter profile picture to “X”. However, earlier the richest person on earth also shared a logo made by an online artist after stating that if a good enough “X” logo got posted in time then he’ll make it live worldwide in no time.

Musk has highlighted that he will be doing more to take the social media giant in a new direction as the advertisers’ count is getting lower. Reports suggest that Twitter’s cash flow has been negative due to its heavy debt load. Meanwhile, experts suggest that the rebranding plan might not work and it can alienate its loyal users.