- Musk registered X.AI Corp. as an artificial intelligence startup in April
- A token for a project that ended in May gained 1,200% in 24 hours
After Elon Musk announced Twitter’s rebrand to X, numerous X-branded tokens appeared on decentralized exchanges (DEXs), CoinDesk reported. He tweeted about the upcoming change over the weekend. The news was confirmed by Twitter CEO Linda Yaccarino on Sunday.
The “future” of interactivity
Yaccarino said:
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. Powered by AI, X will connect us all in ways we’re just beginning to imagine.
Musk merged Twitter into X Corp. in April this year. He registered X.AI Corp. as an artificial intelligence startup that month as well. Then, he founded xAI, an AI company to "understand the universe.”
One new X token gained 1,200% in 24 hours
Multiple X tokens popped up on blockchain networks, including new ones that claim to have a legit whitepaper and roadmap and such that will inevitably become pump-and-dump schemes. A token for a project that ended in May gained 1,200% in 24 hours, indicating people are willing to buy anything branded X to make some money.
A token called AI-X, the logo of which is identical to SpaceX, gained 1,000%. Deus X, named after a Musk tweet, added 2,600% to its value.
Major coins are in periods of low volatility
According to experts, the biggest coins by market cap have entered periods of low volatility, compelling some traders to bet on low-cap meme coins. James Wo, founder at crypto fund DFG, told CoinDesk:
Meme coins are huge parts of the crypto trading landscape, whether we like it or not. While the biggest currencies like bitcoin and ether have very low volatility, it's only natural that traders will look for opportunities elsewhere.
He added that trading meme coins is a risky way to look for profit, but it’s huge if it happens. Some meme coins will gain a lot even if it’s just short-term and we’re in a bear market.
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