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X, a relatively unknown and small altcoin, has joined the ranks of altcoins that have skyrocketed in the crypto world, or as they say, to the moon. The price of X token has risen by an astonishing 2000% in the past 24 hours. This significant increase in the price of the altcoin came after Elon Musk changed his profile picture on Twitter to the symbol X, during his rebranding plans.
X Token Attracts Attention with Its Rise
X, the name of this lesser-known altcoin, has taken off with the influence of the American entrepreneur and billionaire, Elon Musk. According to data provided by the crypto data and price platform Coingecko, the price of X has increased by over 2000% in the past 24 hours. Furthermore, the price of the altcoin has risen by over 1800% in the past 7 days. At the time of writing, X is trading at $0.000392, with a trading volume of $133,491, experiencing an incredible increase of 142,779% in the past 24 hours.
X, which serves as the native presence of a multi-chain decentralized NFT marketplace, is shown to be owned and operated by the X community on its official website. Other information provided indicates that the project is managed by X DAO. However, the NFT marketplace of the project is currently closed.
Elon Musk’s Influence May Have Triggered the Rise in Altcoin’s Price
This surge in the price of the altcoin appears to be the result of Musk’s excitement in rebranding Twitter as X. The American entrepreneur recently announced that X.com redirects to twitter.com and changed his profile picture on Twitter to an image featuring the X symbol. In parallel, Twitter’s official account also changed its profile picture to the same image.
Musk emphasized that he will do more to take the social media giant in a new direction as the number of advertisers decreases. Sources claim that Twitter’s negative cash flow is due to its heavy debt burden.
