Elon Musk’s recent announcement to rebrand Twitter as ‘X’ has caused a stir in the cryptocurrency world, with the previously unnoticed altcoin X experiencing an astounding rise in value of 11486.6% in just seven days.
Musk’s vision for X and its potential influence on the financial landscape is a crucial driver behind his appointment of Linda Yaccarino as the CEO of Twitter in May.
Twitter Plans For ‘X’ Platform
In a recent announcement, Linda Yaccarino unveiled the company’s plans to launch a new platform, “X,” which will change how people interact with each other and the world.
According to Yaccarino, X will be the future of “unlimited” interactivity, centered on audio, video, messaging, and payments/banking, ultimately creating a global marketplace for ideas, goods, services, and opportunities.
X will be powered by artificial intelligence (AI), enabling it to connect people in “ways that they have only just begun to imagine.”
This new platform has already started to take shape over the past eight months through Twitter’s rapid feature launches. Yaccarino believes that Twitter has the potential to “dream bigger, innovate faster, and fulfill its great potential with X.”
Linda Yaccarino and Elon Musk, also involved in the project, are excited to work with their teams and partners to bring X to the world. The platform has the potential to deliver everything and has no limits to its transformational power.
X Outperforms Global Crypto Market
On the other hand, X, the decentralized cryptocurrency associated with Project X, has seen a significant increase in market activity and value over the past week.
CoinGecko data shows that the current price of X is $0.00032631, representing a 1,148.62% increase in the last 7 days and up by over 29% in the last 24 hours.
X tokens can be traded on decentralized exchanges, and the most popular exchange to buy and trade X is Sushiswap. The daily trading volume of X has seen a remarkable increase of 5,797.00% in the last 24 hours, with the most active trading pair X/WETH having a trading volume of $216,430.
The highest price ever paid for X was $0.04269569, recorded on January 20, 2022. The current price is -99.40% lower than the all-time high price. Conversely, the lowest price paid for X was $0.00000919, recorded on May 11, 2023, just two months ago. The current price is 2,666.20% higher than the all-time low price.
Furthermore, the market capitalization of X is $829,733, and it is ranked 2025 on CoinGecko today. The fully diluted valuation of X is $2,544,433, which is a statistical representation of the maximum market cap, assuming the maximum number of 10 billion X tokens are in circulation today.
X has outperformed the global cryptocurrency market, down -3.20%, and similar Ethereum Ecosystem cryptocurrencies, up 12.70%, with a price increase of 1,148.60% in the last 7 days. The community is bullish on X, with more than 58% of users feeling optimistic about its prospects.
As of this writing, the cryptocurrency X is not directly associated with Twitter or Elon Musk. However, market participants could purchase the coin to leverage any hype around future announcements.
Featured image from Twitter, chart from TradingView.com