Elon Musk X Twitter Rebrand Superapp - Which Coins Will it Use For Payments?
Twitter owner Elon Musk is in the process of implementing a long-awaited rebrand of the social media platform to a new super-app called “X”.
“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,” Twitter CE Linda Yaccarino said on Sunday.
“Powered by AI, X will connect us all in ways we’re just beginning to imagine.
The platform has already dumped its iconic bird logo in favor of a new X logo.
Given the new super-app’s emphasis on payments, the rebranding has sparked renewed speculation about what medium of exchange might be used within the platform.
Musk has previously said that he wants any future Twitter payments to, first and foremost, be built around fiat currencies.
However, he has also said that he wants crypto functionality to be added at a later date.
Dozens of wannabe X tokens were created and launched on decentralized exchanges (DEXs) over the weekend, with some seeing impressive pumps and traders piled in, looking to turn a quick profit.
But only a few blue-chip cryptocurrencies that have in the past caught Musk’s attention are in with a serious shout of making it onto a future Twitter payments platform.
Let’s examine the candidates.
Elon Musk has been a supporter of Dogecoin, the world’s largest meme coin by market capitalization and a self-sustaining, decentralized cryptocurrency network in its own right, for more than 2 years now.
He has confirmed that he does own the Dogecoin, and frequently references it on Twitter, including replacing the old Twitter bird logo with the Dogecoin logo for a short time earlier this year.
The rebranding has seen Dogecoin pump on Monday, despite broader downside in the crypto market.
Dogecoin (DOGE) was last trading around $0.074 and appears to be on the verge of breaking a key resistance area in the form of the 200-Day Moving Average and a downtrend from the 2021 record highs.
Speculation about a Dogecoin integration into a future Twitter payments platform has in the past triggered big spike for the token, such as when Musk initially took over Twitter last October.
If hype keeps rising and Dogecoin can get above key resistance, a retest of there is no reason resistance around $0.10 is possible soon.
Tesla, which Elon Musk is the CEO of, used to accept payments in Bitcoin (BTC) and to this day maintains a sizeable BTC position.
While the leading electric car maker paused its acceptance of BTC payments owing to concerns about the Bitcoin mining network’s environmental impact, bitcoin is certainly on Musk’s radar.
Given that BTC remains far and away the pre-eminent cryptocurrency in the industry, there is a good chance that bitcoin would find itself integrated into any future Twitter/X payments platform.
The bitcoin price was last around $29,000, having slipped below recent ranges as traders take profit amid a lack of fresh positive news and further negative reporting on Binance, the world’s largest cryptocurrency exchange, from the Wall Street Journal.
Alternative Coins to Consider
Dogecoin could pop higher but remains a risk play.
Meanwhile, the broader cryptocurrency remains in a broader malaise that could last for the rest of summer.
Traders looking to turn a quick profit might thus want to look to more speculative corners of the crypto market.
Here are a few new crypto projects that have been getting a lot of hype recently, and could deliver decent returns to early investors.
Billed as “Bitcoin on Ethereum' and as an opportunity for members of the cryptocurrency community to purchase bitcoin at its 2011 price of $1, a new token called BTC20 has been garnering a lot of hype.
The tokenomics are designed to mimic bitcoin – a 21 million BTC20 token supply cap, with tokens to be released to BTC20 stakers (rather than miners) according to the exact same issuance schedule as bitcoin.
Some are claiming BTC20 is even better than bitcoin, given it runs on an ecofriendly, low energy consuming Proof-of-Stake Ethereum blockchain, rather than on an energy-guzzling Proof-of-Work chain like bitcoin.
As per the project’s whitepaper, BTC20 is looking to raise a minimum of $3 million, though this could rise to $6 million, via the sale of BTC20 tokens for $1 each.
With the project having already raised $1.6 million in just a few days, traders need to move quickly to secure their spot.
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised nearly $17.5 million in just over one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.