Elon Musk announced the rebranding of Twitter in “X”. As often, the news even had an impact on the cryptocurrency market. A hitherto secret altcoin has indeed skyrocketed… Could it be the new Dogecoin (DOGE)?
Elon Musk announces the beginning of the transformation of Twitter
Elon Musk plans to turn Twitter into an “X”, a super app that is a social network, a payment service, a creative platform, and many other things. The beginning of this change was announced yesterday: the company is getting rid of the name “Twitter” in favor of “X”, and the bird logo is also going away.
https://t.co/bOUOek5Cvy point now on https://t.co/AYBszklpkE.
The 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 event, explains that the X.com address now redirects to Twitter.com. In addition, X Corp CEO Linda Yaccarino confirmed the company’s excessive ambitions :
“X is the future of infinite interaction – focuses on audio and video messaging, payments and banking services, while creating a global marketplace for ideas, goods and services, and opportunities. Powered by AI, X will connect us all in ways we are only beginning to imagine.»
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The announcement causes altcoins to jump
Elon Musk’s influence on certain crypto is no longer proven – the billionaire is especially responsible for the strong comeback of the memecoin Dogecoin (DOGE). There, too, the size announcement had an effect. but not on an altcoin you might expect. The “X” sign has indeed skyrocketed since yesterday… Except it’s not linked to Elon Musk or Twitter. It is indeed a cryptocurrency linked to a closed NFT platform. In other words, it is a “deadcoin”.
The X was previously quoted at 0.00001 dollars… Until yesterday. Since Elon Musk’s announcement, it has increased to $0.0003. That answers to a stratospheric advance of +1500% :
Course X comes back from the dead from yesterday
👉 Also read – The 5 best performing cryptos in June 2023
We repeat: the cryptocurrency is not linked to Elon Musk or Twitter, and it only shares the name with X. A blast up so it is typical of a crypto market that is racing for nothing, or at least for largely speculative reasons. But history shows that these sudden increases can sometimes revive projects.
However, we can be suspicious that the sign X will be the new DOGE, and Caution is advised when it comes to investing in cryptocurrencies that suddenly explode. This also shows that in the markets, the action is often driven by enthusiasm… However, it may be misplaced.
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Source: Twitter, CoinGecko
Image: Elon Musk via Twitter
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