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Elon Musk, CEO of Twitter, made a groundbreaking statement early today. Musk announced that the social media giant will be rebranding soon. Musk stated that Twitter will say goodbye to the iconic bird logo. Because he just announced that he will go for a complete name change as "X". The news created shock waves in the crypto environment. It also aroused both excitement and curiosity among users worldwide.
Elon Musk made a new announcement
“We will soon say goodbye to the Twitter brand and gradually to all the birds,” Musk said in a voice chat. "If a good enough X logo is shared tonight, we'll launch it worldwide tomorrow," he said. According to Musk, this brand transformation was long overdue. “This should have been done a long time ago,” said Musk, adding that he believes this change will make the platform more compatible with its technological evolution. Interestingly, Twitter's current legal entity name is X Corp, a decision that was put in place after Elon Musk bought the company.
The "X" name can be traced back to Musk's previous ventures, including the online banking firm X.com, which he founded in 1999. X.com was rebranded as PayPal in 2001, marking the beginning of a successful online payment platform. Also in 2017, Musk came to the fore with his X vision. He considered starting a holding company called X for his ventures, including Tesla and SpaceX. That same year, he acquired the X.com domain name from PayPal, underlining the importance of the letter "X" in his business efforts.
X coin rose
Interestingly, the announcement of the Twitter rebrand also had a surprising impact on the crypto world. Following Musk's tweet about the name "X", the crypto market took off. Because a meme appropriately named “X” has experienced a meteoric increase in its token value. Launched on June 2, 2023 with an initial value of $0.23, the token initially struggled to attract attention. However, Musk's recent approval of the name "X" caused the token's value to skyrocket to $0.427. This represents a staggering 3,000 percent increase in just one day. The 24-hour trading volume of the “X” token also exceeded $500,000.
It is important to note that such extreme price movements in meme tokens are widely considered high-risk investments. Tokens associated with popular topics or viral moments often experience significant fluctuations. When the subject loses its importance, its value may decrease. As news of Twitter's upcoming rebranding continues to resonate in social media and financial circles, the crypto community continues to be captivated by the explosive rise of the "X" meme token.
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