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Elon Musk New Twitter Rebrand Causes Surge of New Tokens

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By Brennan Forrest - - 5 Mins Read
Twitter logo backgroud, X logo displayed on a smart phone screen
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Twitter logo backgroud, X logo displayed on a smart phone screen



For quite some time, Elon Musk and Twitter have made headlines for various reasons. Lately, the Twitter owner has been launching a series of platform rebranding initiatives, including a name switch. However, amidst all the rebranding chaos, numerous crypto tokens are also reaping the benefits of these latest developments.


If you're unfamiliar with Elon Musk's role in the world of cryptocurrency, it's worth noting that he's a major influencer in the industry. In the past, his tweets and actions have caused significant price spikes for various tokens. Recently, he caused a stir by announcing that Twitter would be rebranded as X, leading to new all-time highs for many crypto tokens. 

Starting with Dogecoin, the crypto token has enjoyed some pretty good relationships with Elon Musk and his companies. Since 2020, tweets from the new Twitter owner have always sent  DOGE tokens increasing in price. The same scenario happened after Elon Musk announced the change in Twitter's logo and brand.


Twitter X has become a reality, with Elon Musk making some noticeable changes that caught users' attention. He changed his location to XÐ, with the Ð representing the Dogecoin symbol. As a result, the meme coin experienced a sudden surge in demand and its value increased by almost 6% as soon as Twitter announced the rebranding.


Dogecoin/USDT chart
Dogecoin/USDT chart (TradingView/Bybit)


More X Tokens Appear on DeFi Exchanges 

The crypto industry is always prepared for any type of scenario. No wonder more X tokens immediately appeared after Twitter officially changed and rebranded its logo. Multiple blockchain networks, especially those based on decentralized finance, started seeing these X tokens pop. 


Many meme coins in circulation claim to have a roadmap for future implementation, but these promises are often misleading. It's clear to a novice observer that many of these new tokens are simply pump-and-dump schemes, riding the wave of Twitter trends to turn a quick profit. Unfortunately, most of these projects are unlikely to succeed in the long term and will eventually fade. 


Meanwhile, many of these emerging tokens have already taken off with the bullish trends. Things got very serious when one of the X tokens pumped to a whopping over 1,200% within 24 hours.


Interestingly, the parent company or project responsible for this token shut down in May. However, this hasn't prevented the new X token from benefiting from the positive momentum generated by the recent Twitter rebranding in the cryptocurrency market.

More Details About Elon Musk and Twitter Rebrand 

It seems that Elon Musk intends to expand Twitter's function beyond just a social media platform by introducing various services like payment and banking.


There are speculations that cryptocurrencies could become involved in the project in the long term. If this were to happen, cryptocurrencies like XRP and Dogecoin are seemingly already positioning themselves for the future.

"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," the new company's CEO said.