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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

X Coin Explodes 1,600% Despite No Connection To Musk’s Twitter Rebrand – Details

Christian Encila
Christian Encila
2 years ago
3 mins read
X Coin

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Created by industry experts and meticulously reviewed
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X, a little-known digital asset, has experienced an astronomical surge, rallying by more than 1,000% following Elon Musk’s revelation about a Twitter rebranding venture.

The obscure altcoin is linked to Project X—a decentralized NFT marketplace that operates across various blockchain networks. To ensure community-driven governance, the X DAO plays a crucial role, empowering users who have staked their X tokens to obtain the coveted veX governance token, granting them voting privileges within the platform.

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Musk’s vision for X and its potential influence on the financial landscape is a driving force behind his decision to appoint Linda Yaccarino as the CEO of Twitter in May. The ultimate goal is to facilitate the transformation of Twitter into X, bringing the ambitious “super app” project to life and expanding its reach to a massive user base.

Twitter Rebrand Plan Boosts X Coin Price

Over the weekend, Musk took to Twitter to reveal his ambitious intentions, announcing the retirement of the distinct blue bird symbol that has long served as Twitter’s iconic logo.

The eccentric billionaire aimed to give the micro-blogging platform a fresh identity by changing its name to X.com. Little did he know that this seemingly unrelated move would significantly impact an obscure cryptocurrency.

Following Musk’s surprising announcement, the next few hours witnessed an unexpected reaction from the relatively unknown X token.

pic.twitter.com/IwcbqMnQtA

— Elon Musk (@elonmusk) July 23, 2023

 Coingecko data revealed that the price of X skyrocketed to $0.00037534, experiencing an astounding 24-hour rally of 1,628.2%. Even more astonishing was its seven-day surge, reaching 1744.2%.

X price movement in the 24-hour to the 30-day timeframe. Source: Coingecko

This unprecedented price action caught the crypto community’s attention, leading to speculation about the potential reasons behind the token’s sudden surge.

X price in the 24-hour timeframe. Source: Coingecko

In a follow-up tweet, Musk wrote, “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.” This cryptic message intensified excitement and speculation surrounding the X token, leaving investors and enthusiasts anticipating the future of this enigmatic digital asset.

Bitcoin currently trading at $29,720 on the daily chart: TradingView.com

Musk’s Vision For X

Musk has set his sights on creating a revolutionary “super app,” also called X, drawing inspiration from the trendy WeChat platform, which dominates messaging, social media, and payment services in China.

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He has openly expressed his desire to emulate the success of WeChat, aiming to develop an all-encompassing platform that could reshape how people interact and conduct transactions.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Hypersonic Missile Via Raytheon
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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