Twitter owner Elon Musk is in the process of implementing the social media platform’s long-awaited rebrand into a new super-app called “X”.
Twitter CE Linda Yacarino said on Sunday, “X is the future state of limitless 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 have only just begun to imagine.
The platform has already ditched its iconic bird logo in favor of the new X logo.
Given the new super-app’s emphasis on payments, the rebranding has renewed speculation as to what medium of exchange may be used within the platform.
Musk has previously said that he wants any future Twitter payments to be built around fiat currencies, first and foremost.
However, he has also said that he wants crypto functionality to be added later.
Dozens of interested X tokens were created and launched on decentralized exchanges (DEXs) over the weekend, some of which were joined by influential pump and traders looking to make a quick profit.
But only a few blue-chip cryptocurrencies that have caught Musk’s attention in the past are making serious calls to make it onto the Twitter payments platform of the future.
Let’s check out the candidates.
Dogecoin (DOGE)
Elon Musk has been a supporter of Dogecoin for more than 2 years, the world’s largest meme coin by market capitalization and a self-sustaining, decentralized cryptocurrency network in its own right.
He has confirmed that he owns Dogecoin, and frequently references it on Twitter, including briefly replacing the old Twitter bird logo with a Dogecoin logo earlier this year.
The rebranding saw Dogecoin rally on Monday, despite a broader decline 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 downside move from the 2021 record high.
Speculation about Dogecoin integration into a future Twitter payments platform has triggered massive surges for the token in the past, such as when Musk initially took over Twitter last October.
If the hype continues to build and Dogecoin can break above key resistance, there is no reason not to believe that the resistance around $0.10 is likely anytime soon.
bitcoin (btc)
Tesla, whose CEO is Elon Musk, used to accept payments in bitcoin (BTC) and maintains a large BTC position to this day.
While the leading electric car maker has stopped accepting BTC payments due to concerns about the environmental impact of the bitcoin mining network, bitcoin is definitely on Musk’s radar.
Given that BTC remains far from the dominant cryptocurrency in the industry, there is a good chance that bitcoin will integrate itself into any future Twitter/X payment platform.
Bitcoin price last traded around $29,000, slipping below the recent range as traders booked profits amid a lack of fresh positive news and more negative reporting from the Wall Street Journal on the world’s largest cryptocurrency exchange, Binance.
alternative coins to consider
Dogecoin may go up but remains a risky play.
Meanwhile, the broader cryptocurrency remains in a broad malaise that could last through the rest of the summer.
Traders looking to make quick profits may want to focus on more speculative areas of the crypto market.
Here are some new crypto projects that have been getting a lot of hype lately, and can offer good returns to early investors.
BTC20 (BTC20)
Billed as “Bitcoin on Ethereum” and as an opportunity for members of the cryptocurrency community to buy bitcoin at the 2011 price of $1, a new token called BTC20 is receiving a lot of hype.
Tokenomics is designed to mimic bitcoin – a 21 million BTC20 token supply cap, in which tokens are issued to BTC20 stakeholders (rather than miners) according to an issuance schedule similar to bitcoin.
Some are claiming that BTC20 is even better than bitcoin because it runs on the eco-friendly, less energy-consuming proof-of-stake Ethereum blockchain instead of the energy-consuming proof-of-work chain like bitcoin.
According to the project’s whitepaper, BTC20 plans to raise a minimum of $3 million through the sale of BTC20 tokens for $1 each, though this could grow up to $6 million.
Since the project has already raised $1.6 million in just a few days, traders need to act quickly to secure their spot.
buy btc20 here
Wall Street Memes (WSM)
Wall Street Memes, one of the internet’s most popular retail investment communities, rose to prominence in the meme stock craze of 2021 and is expanding its relevance in the crypto space with the recent presale of its new $WSM token.
The success of the $WSM presale, which raised nearly $17.5 million in just one month, isn’t surprising given the size of the Wall Street memes community.
It not only has 523k hyper-engaged community members on its Wolstbets Instagram account, but also 214k on Twitter and over 100k on its two other Instagram channels, WolstgoneWild and Wolstbullsnft.
All told, Degen’s 1 million-strong social community of Wall Street memes, analysts believe, all but guarantees that the $WSM token will be listed on Tier 1 crypto exchanges like Binance.
With 30% of the token supply staking for community rewards, it can be reasonably expected that airdrops for holders will be a huge part of the ecosystem.
Actually, the first $WSM airdrop is now open.
Analysts are already predicting big things for Wall Street Memes when it lists on the 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 can lose all your capital.