X token goes parabolic after Elon Musk rebrands Twitter

July 24, 2023 08:39 PM AEST | By Invezz

X token goes parabolic after Elon Musk rebrands Twitter — Image source: Invezz

What is the association between X token and Twitter?

The X token is associated with an NFT marketplace that declared its closure in May and experienced a stunning rise after Elon Musk revealed his plan to rename Twitter to X.com.

The token’s price surge happened following Elon Musk’s announcement of the social media platform’s impending logo change. Besides the price surge, the token has also witnessed a significant trading volume surge. The volume had increased by 192342% at press time to $179,609.

*7 days X token price chart. Source: Coinmarketcap*

However, the token’s market cap remains below 500,000 despite the hype created by the Twitter rebrand.

Twitter rebrands to X

After months of teasing by its former CEO, Elon Musk, the well-known social media platform Twitter officially changed its name to X. The well-known social media app underwent a rebranding that saw its recognisable bird logo replaced with a straightforward X. The social media app’s colour scheme was changed from blue to black as part of the rebranding.

https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE.

Interim X logo goes live later today.

— Elon Musk (@elonmusk) July 23, 2023

Twitter’s URL also was modified as part of the rebranding to x.com, a domain name connected to Musk’s 1999 financial services startup that was acquired by (NASDAQ:PYPL).

X.com was an online bank initially funded by Greg Kouri and Musk, who went on to fund Elon Musk’s later ventures SpaceX and Tesla.

When Musk founded the company in 1999, the brand name “X” became associated with him. It failed to become a standalone business, though, and later merged with Paypal.

The letter X is used by Musk in the name of his space company, SpaceX, as well as in the names of several Tesla vehicle models. And now after thirty years, the character of Twitter, which was recently acquired by Musk for 44 billion, is becoming a stand-alone brand thanks to its rebranding.

The post X token goes parabolic after Elon Musk rebrands Twitter appeared first on Invezz

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