Shocking rebrand of Elon Musk’s ‘X’ brands flourish crypto tokens
Elon Musk’s ‘X’ Brand Building (Photo: The New York Times)
Elon Musk’s New ‘X’ Brands
This week, Elon Musk changed the name of Twitter to “X.” As a result, a plethora of cryptocurrency tokens with “X” themes have appeared on blockchain networks as dishonest developers try to capitalize on the resulting increase in interest in Twitter’s new brand identity.
Unsettlingly, a startlingly high percentage of these tokens are pump-and-dump cryptocurrency tokens intended to make a significant profit during a period of unusually high attention being paid to the “X” brand. For instance, a cryptocurrency token whose project had in fact been abandoned this spring inexplicably increased 1,200% on Musk’s declaration.
Deus X, a cryptocurrency token honoring a tweet by Musk, witnessed a 2,600% spike in share price, while AI-X, another token, saw a tenfold increase in price.
How new ‘X’ brands feel shocking
On July 23, users who logged onto Twitter discovered a black X in place of the usual small blue bird in the corner of their browser tab. Elon Musk, a software entrepreneur and Twitter’s CTO shocked almost everyone by announcing plans to redesign Twitter, which he had acquired in October 2022 for a highly leveraged $44 billion. The business is currently known as X.
Musk also stated that eventually “all the birds” and the Twitter branding would be abandoned after announcing that the communication network will pivot to encompass a number of forthcoming services, including payments, games, and more. The Twitter sign at the company’s San Francisco headquarters was taken down a day following the announcement; in its place, a big X-shaped sign has since been erected.
Many Twitter users and professionals in the IT sector mocked, scrutinized, and expressed confusion about the move. As the owner of Twitter, Elon Musk’s strategy has been called “an extensive form of cultural vandalism” by tech reporter Casey Newton.
