Elon Musk’s announcement about rebranding Twitter and renaming the social network to X caused a stir around the eponymous zombie token, whose quotes soared over 1,000% within a day.
Elon Musk hinted at a radical rebranding of Twitter in a series of tweets. The name will be changed to X, the familiar logo will also be changed to X, and the brand color will be switched to black. Rumor has it Twitter may soon move to a new domain — X.com, which already redirects users to the social network’s website. Additionally, Twitter’s parent company will be the tech firm X Corp. founded by Musk in March.
The concept of the updated platform was described in more detail by Linda Yaccarino, Twitter’s CEO. The social network, she said, would feature unlimited interactivity, support messaging, and include several multimedia formats. The app will also incorporate payment and banking capabilities, creating “a global marketplace for ideas, goods, services, and opportunities.” According to Yaccarino, X will be powered by AI technology. This partially confirms the rumors that Twitter may turn into a super app, following the example of WeChat.
The cryptocurrency community on Twitter is one of the largest and most active on the network. From 2020 to 2022, over 1 billion tweets about digital currencies were published on the social network, Hypebeast reported. The social network rebranding was met ambiguously by crypto community members: from harsh criticism to praise.
Another reaction followed — the X token, which belonged to the NFT marketplace of the same name that closed in May, resumed trading. Since then, X has remained a zombie token, meaning it has continued to exist, but there has been little to no activity around it. After Musk’s announcement, the token moved into the meme coin category and came to life. According to CoinGecko, the trading volume of the asset exceeded 88,000, and its value increased by more than 1,000% over the day. The asset is traded exclusively on the decentralized exchange SushiSwap.
It’s worth noting that it’s not the first time Elon Musk has helped the quotes of various tokens to grow with his tweets. For example, the entrepreneur’s simple joke contributed to the explosive growth of three blockchain projects at once. Moreover, Musk is known for supporting Dogecoin, which owes much of its rise to him.
