X Token Has Nothing To Do With Elon Musk's Rebranded Twitter, But It's Shot Up 1800%

A token, unrelated to Elon Musk’s X.com, has witnessed an incredible surge of 1800% within a mere 24-hour window, outperforming top cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)

What Happened: The unprecedented price rally came shortly after Musk, who owns Twitter, hinted at an upcoming logo change for the social media platform.

This token is a project by X, a decentralized NFT marketplace that operates across multiple chains. The platform’s governance is facilitated by the X DAO, with voting privileges granted to users who have staked their X tokens to obtain the veX governance token.

Musk took to Twitter on Sunday to express his plans, declaring the intention to retire the well-established blue bird symbol that has long served as Twitter’s distinctive logo. In a follow-up tweet, he stated, “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.”

X token's price skyrocketed by a staggering 1800% in a single day. However, it is vital to note that X’s trading volumes have remained relatively low, merely amounting to $51,000 over the same 24-hour period.

Limited liquidity can contribute to increased price volatility and challenges when it comes to executing trades at desired prices.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters:  It is worth highlighting that Musk’s acquisition of Twitter earlier this year, at a hefty price of $44 billion, led to its integration into X Corp., a privately-held corporation. X Holdings Corp., functioning as the parent company of X Corp., is not publicly traded.

In October 2022, just prior to the acquisition, Musk expressed that the purchase of Twitter was anticipated to serve as a catalyst for the development of “X,” an all-inclusive application designed to supersede traditional social media platforms.

Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception

Photo Courtesy: Shutterstock.com

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!