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- Elon Musk, CEO of Twitter, announced a forthcoming logo change for the social media platform.
- The rebranding has been long overdue, according to Musk.
- The news of the potential logo change to ‘X’ led to a surge in a meme token of the same name.
Twitter’s Logo Transformation: A New Chapter
Elon Musk, the head of Twitter, has recently made a public announcement about an impending logo change for the social media giant. Musk stated that the company would soon bid farewell to its current brand and bird symbol. If a satisfactory ‘X’ logo is shared, Musk has promised to roll it out globally the following day.
Rebranding: A Long Time Coming
Musk also mentioned that this brand transformation should have taken place much earlier. The current legal name of Twitter is X Corp, a change that occurred after Musk purchased the company, replacing the previous Twitter Inc. The ‘X’ moniker traces back to an online banking company, X.com, founded by Musk in 1999. X.com rebranded in 2001, adopting the now-famous name, PayPal. Musk had also contemplated establishing an ‘X’ named holding company for Tesla and SpaceX in 2017, the same year he bought the X.com domain name from PayPal.
Impact on Cryptocurrency: The ‘X’ Effect
The significance of the ‘X’ name for Musk is evident. The news of Twitter’s likely logo and name change to ‘X’ resonated within the cryptocurrency world. As Musk tweeted about ‘X’, a meme token bearing the same name soared to new heights. This token, seemingly created on June 2, 2023, when Musk shared a post simply captioned ‘X’, initially had a value of $0.23. However, it almost became worthless shortly after its launch. Musk’s renewed emphasis on ‘X’ led to a dramatic increase in the token’s value, reaching $0.427, a more than 3000% increase in a single day, with a 24-hour trading volume nearing $500,000.
Such price movements in meme tokens are considered highly risky. Tokens created around trending topics can plummet to near worthlessness once the topic loses its popularity.
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