Written by Hazel J. Greene, Senior Analyst

Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, recently made headlines with his announcement to rebrand Twitter as ‘X.’ This unexpected move has sparked curiosity and excitement within the cryptocurrency world, as the previously obscure altcoin, also named X, experienced an astonishing surge in value, climbing by 11486.6% within a mere seven days. Amidst this frenzy, Linda Yaccarino, appointed as the CEO of Twitter by Musk in May, plays a crucial role in shaping the future of ‘X’.

Linda Yaccarino recently unveiled Twitter’s groundbreaking plans to introduce a new platform, ‘X,’ which aims to redefine how people interact with each other and the world. Yaccarino envisions ‘X’ as a revolutionary platform centered around audio, video, messaging, and payments/banking, ultimately creating a global marketplace for ideas, goods, services, and opportunities. Powered by cutting-edge artificial intelligence (AI), ‘X’ holds the potential to connect people in ways previously unimaginable. Twitter’s rapid feature launches have already set the stage for this futuristic endeavor, empowering the team to dream bigger and unveil the untapped potential of ‘X’ to the world.

On the decentralized cryptocurrency front, ‘X,’ the digital currency associated with Project X, has witnessed a remarkable surge in market activity and value. As per CoinGecko data, ‘X’ currently stands at $0.00032631, exhibiting a staggering 1,148.62% increase in value over the past seven days and surging up by more than 29% in the last 24 hours. With ‘X’ tokens being freely traded on decentralized exchanges, Sushiswap emerges as the preferred trading platform. In the last 24 hours alone, the daily trading volume of ‘X’ has increased by an awe-inspiring 5,797.00%, with the X/WETH trading pair leading the way with a trading volume of $216,430.

Essential statistics about ‘X’ showcase its outstanding performance: the all-time high price stands at $0.04269569 recorded on January 20, 2022, while the all-time low price was $0.00000919 registered just two months ago on May 11, 2023, making the current price 2,666.20% higher than the lowest. Presently, ‘X’ holds a market capitalization of $829,733, securing a ranking of 2025 on CoinGecko. The fully diluted valuation is estimated at $2,544,433, representing a statistical projection of the maximum market cap if 10 billion ‘X’ tokens were in circulation.

Considering the recent surge and the powerful momentum surrounding ‘X,’ it has outperformed the global cryptocurrency market, which experienced a decline of -3.20%. Additionally, compared to similar cryptocurrencies within the Ethereum Ecosystem, ‘X’ has seen an impressive price increase of 1,148.60% over the past seven days, surpassing the 12.70% increase of its peers. These remarkable numbers have instilled optimism within the community, with over 58% of users expressing confidence in the future of ‘X’.

While ‘X’ holds undeniable potential, it is essential to note that, as of writing, it is not directly associated with Twitter or Elon Musk. However, investors may consider purchasing the coin to leverage any future hype surrounding announcements related to the ‘X’ platform.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.