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Overnight, numerous tokens labeled as 'X' emerged on decentralized exchanges (DEX) following Elon Musk's ownership of Twitter, which prompted the replacement of its iconic blue bird logo with an 'X' symbol.

 

 

During the weekend, Musk took to Twitter to unveil the forthcoming change. Shortly after, Twitter's CEO, Linda Yaccarino, officially confirmed the exciting rebranding on Sunday.

“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities,” Yaccarino said. “Powered by AI, X will connect us all in ways we’re just beginning to imagine.”

In April 2023, Elon Musk made significant moves in the tech industry by merging Twitter into X Corp. Additionally, during this period, he founded another venture called X.AI Corp., an innovative artificial intelligence startup. Not stopping there, Musk went on to establish xAI, his very own AI company with a profound mission to "understand the universe.”

Numerous X tokens have emerged across various blockchain networks. Among them are newly introduced tokens that assert to possess well-defined roadmaps for future development, alongside tokens that appear to be pump-and-dump schemes. Astonishingly, one of these tokens witnessed an exponential surge of 1,200% within a 24-hour period, despite its project having been abandoned in May. This indicates that low-cap traders were willing to invest in any token bearing the label "X" with the hope of making a marginal profit.

Over the weekend, opportunistic developers took advantage of Musk's tweets to release newer tokens into the market. One such token, named "AI-X," featured a logo identical to Musk's space technology company SpaceX, and its value skyrocketed by 10-fold. Another token, aptly named "Deus X" after one of Musk's tweets, experienced an astonishing surge of 2,600%.

 

According to professional traders interviewed by CoinDesk, the prevailing euphoria in the market can be attributed to the prolonged periods of low volatility experienced by major tokens like bitcoin (BTC) and ether (ETH). As a result, some market participants are now turning their attention towards meme coins and low-cap cryptocurrencies as alternative options.

“Meme coins are huge parts of the crypto trading landscape, whether we like it or not,” James Wo, founder at crypto fund DFG, told CoinDesk at the heights of one such meme obsession. “While the biggest currencies like bitcoin and ether have very low volatility, it's only natural that traders will look for opportunities elsewhere.”

“Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge. So even in a bear market, some of the meme coins will have large up-swing, even if it's just short term,” he said.

Source Coindesk