• Elon Musk’s rebranding of Twitter has caused an unrelated microcap token to surge by over 2000%.
• Dogecoin has also seen an increase in value due to the Twitter rebranding.
• Speculation drives the value of abandoned cryptocurrencies despite any utility they may have.
Elon Musk Rebrands Twitter
Elon Musk recently announced that he is in the process of rebranding the social media platform, Twitter, to an “everything app” called X. This announcement has caused a ripple effect on some small cryptocurrencies and tokens such as the X token and Dogecoin.
X Token Surges 2,000%
The X token, which is native to a defunct decentralized non-fungible token (NFT) marketplace (x.xyz), surged more than 2,000% in 24 hours due to this announcement. Although its trade volume was initially high, it has since dropped below $100,000 while its market cap dropped to $959,876 from a peak of $2.5 million during the same period. Despite this drop in trade volume and market cap, it serves as an example of how speculation can drive up the values of abandoned cryptocurrencies even when they lack utility or function.
Dogecoin Also Climbs 8%
Dogecoin (Musk’s favorite cryptocurrency) has also seen a rise in value following the rebranding with an 8% climb against Bitcoin since July 24th . This demonstrates how much influence one individual can have on market sentiments and prices when their actions are watched closely by traders and investors alike.
Abandoned Cryptocurrencies Remain Tradable
The sudden price surge for X tokens further supports that even after any utility or purpose has been removed from a cryptocurrency or token, they remain tradable on markets due to speculation from investors who speculate on their future performance based off current news events such as this one involving Elon Musk’s rebranding of Twitter into X .
In conclusion, although some abandoned cryptocurrencies may lack any real utility or purpose at times , speculation still drives their prices up when news events arise that could potentially affect them positively . The recent success story involving Elon Musk’s rebranding efforts is just another example of how powerful news events can be when it comes to driving up the prices of these digital assets .