Several tokens emblazoned with an “X” have appeared on various decentralized exchanges, with Twitter, under the leadership of Elon Musk, beginning to transition from its distinctive blue bird logo to an “X” badge.
The first indication of this imminent turnaround was provided by Musk in a tweet over the weekend. This was later proven on Sunday, July 23, by Twitter CEO Linda Iaccarino.
“X represents the limitless potential of a new age of sharing that includes voice, video, messaging and even banking, and forms a global forum for the exchange of ideas, goods, services and opportunities,” said Iaccarino. “Artificial intelligence will be the driving force behind X, connecting us to an ethic that we are just beginning to understand.”
The transition to X Corp began in April 2023 when Musk merged Twitter into the newly formed company. Around the same period, he registered X.AI Corp. It is an emerging artificial intelligence company. Then the new (at the time) Twitter boss moved on to create xAI, his own artificial intelligence company, with the noble goal of “deciphering the universe.”
‘X’ coin mania
Since then, a slew of ‘X’ tokens have materialized across different blockchain platforms, ranging from those with well-detailed plans for the future to others that look like classic pump-and-dump schemes.
One such token saw a remarkable 1200% rally over a 24-hour period despite the abandonment of the associated project in May, which is an indication that low-cap traders were buying any X token in an effort to make a small profit.
Over the weekend following Musk’s tweets, opportunistic developers released new tokens. One such token, called “AI-X” (with a logo identical to Musk’s SpaceX company), has seen a tenfold increase. Another, “Deus X,” which was inspired by Musk’s tweet, saw an extraordinary 2,600% spike.
Similarly, the Ethereum Name Service (ENS) domain xcoin.eth currently exists included At a rate of 0.69 ETH, just under $1,300. The domain sold for 1.2 ETH — nearly double the current listing amount — earlier today.
“Whether we agree with it or not, meme coins are important components of the crypto trading landscape,” James Wu, founder of DFG, a crypto fund, said. Tell CoinDesk is at the height of one such meme craze. “When major currencies such as Bitcoin and Ether show minimal volatility, it is inevitable that traders will explore other opportunities.”
“Trading with meme is a risky endeavor for huge returns, but when successful, the payoffs can be enormous. So, even in a bear market, some meme coins will see huge spikes, albeit for a short period.”