Elon moves markets again as abandoned X token soars 2,000%, DOGE up 8% following Twitter rebrand to ‘X’
Millions poured into abandoned token as Elon Musk's tinkering with Twitter continues to sway market sentiments
Elon Musk’s rebranding of the social media platform Twitter to an “everything app” X has pushed the value of an unrelated microcap X token up by more than 2,000% in the last 24 hours, according to Coingecko data.
However, interest in the token has retraced with its 24-hour trading volume below $100,000, while its market cap dropped to $959,876 from a peak of $2.5 million during the same period.
X is the native token of a defunct decentralized X NFT marketplace (x.xyz), and its utility is limited to the X DAO.
Its suddenly improved price performance underscores how speculation drives the value of abandoned cryptocurrencies, as the tokens remain tradeable even after any utility has been removed.
Further, Musk’s favorite cryptocurrency, Dogecoin, climbed 8.4% against Bitcoin since the rebranding went live today, July 24.
Musk’s tinkering with Twitter sways market sentiments
Since his $44 billion acquisition of Twitter, Musk’s actions and tweets have consistently swayed the crypto market sentiments.
In April, Musk briefly replaced Twitter’s bird logo with the Dogecoin logo, pushing DOGE’s price up more than 30% and falling after the original logo was restored.
Before then, Musk’s declaration of his Floki dog as Twitter’s CEO pushed the meme token value by more than 95%.
These actions have been highlighted in a lawsuit against Musk as evidence of his alleged market manipulation.
Twitter rebrands to X.
Earlier today, Musk changed his profile picture and the main Twitter logo to the X symbol while announcing plans to officially rename Twitter to X to make the social media platform an “everything app” similar to Tencent’s WeChat. As of press time, the domain for the X app still directs to twitter.com as of press time. However, x.com redirects to the Twitter domain.
With Twitter struggling to retain advertisers and reporting negative cash flow month after month, Musk is choosing to pivot by integrating a payment system into the social media platform. In an interview, Musk said X could become half of the global financial system if done right.
Meanwhile, Twitter CEO Linda Yaccarino has also told users to expect more features and innovations with the rebrand to X. She described the fast-paced iterations over the last eight months as “just getting started.”