Benzinga - A token, unrelated to Elon Musk’s X.com, has witnessed an incredible surge of 1800% within a mere 24-hour window, outperforming top cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)
What Happened: The unprecedented price rally came shortly after Musk, who owns Twitter, hinted at an upcoming logo change for the social media platform.
This token is a project by X, a decentralized NFT marketplace that operates across multiple chains. The platform’s governance is facilitated by the X DAO, with voting privileges granted to users who have staked their X tokens to obtain the veX governance token.
Musk took to Twitter on Sunday to express his plans, declaring the intention to retire the well-established blue bird symbol that has long served as Twitter’s distinctive logo. In a follow-up tweet, he stated, “If a good enough X logo is posted tonight, we’ll make (it) go live worldwide tomorrow.”
X token's price skyrocketed by a staggering 1800% in a single day. However, it is vital to note that X’s trading volumes have remained relatively low, merely amounting to $51,000 over the same 24-hour period.
Limited liquidity can contribute to increased price volatility and challenges when it comes to executing trades at desired prices.
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Why It Matters: It is worth highlighting that Musk’s acquisition of Twitter earlier this year, at a hefty price of $44 billion, led to its integration into X Corp., a privately-held corporation. X Holdings Corp., functioning as the parent company of X Corp., is not publicly traded.
In October 2022, just prior to the acquisition, Musk expressed that the purchase of Twitter was anticipated to serve as a catalyst for the development of “X,” an all-inclusive application designed to supersede traditional social media platforms.
Price Action: At the time of writing, Bitcoin was trading at $29,774, down 0.24% in the last 24 hours, according to Benzinga Pro.
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