The cryptocurrency, known as $X, is gaining attention from investors and traders alike, with its promising performance and growing community of holders.
The speculation of an upcoming launch of Twitter’s own X token has sparked a frenzy of copycat tokens trying to ride the coattails of the hype. One of these copycats seeing a massive pump in price is the random X token on the Ethereum blockchain.
This no-name X token saw its price explode over and volume spiked to over $10 million as misguided traders rushed in hoping to get early exposure to Twitter’s X token.
Of course, this sparsely-traded Ethereum token has no actual connection to Twitter or its plans for an X token. But the similarity in name and symbol led to a wave of hype-driven misvaluation.
Traders are likely betting the obscure token can keep riding Twitter’s naming coattails, at least temporarily. The plan would be to dump the token on the upswing before the actual Twitter token launches.
As with any pump based on misinformation, the music will eventually stop on the Ethereum X token. Once Twitter’s real X token drops, traders will dump this imposter for the real thing.
For now, the combination of similarity in ticker symbol and Twitter hype seems enough to propel this worthless imitator to stratospheric gains. But like most manias, this won’t end well for bagholders who buy into the top.
The buzz around $X is palpable. Some are even speculating that it’s on the verge of killing a zero, a term used in the crypto world to signify a significant increase in value. This speculation is fueled by the formation of a ‘cup and handle’, a bullish technical analysis chart pattern that signals a potential breakout.
The $X community is growing at an impressive rate, with the number of holders now exceeding 8000. This growth is a testament to the increasing interest and confidence in $X. The community’s enthusiasm is further bolstered by the cryptocurrency’s robust market floor, which is currently estimated at less than $40 million and is expected to rise even higher.
Many are keeping a close eye on $X, with some suggesting that everyone should hold a bit of this cryptocurrency. The fear of missing out is a powerful motivator, especially in the volatile world of cryptocurrencies. The possibility of a sudden tweet from a high-profile personality like Elon Musk endorsing $X could potentially skyrocket its value, causing distress among those not holding any $X.
Despite having a market cap of less than $40 million, $X has ambitious goals. The community is optimistic about the potential for a 25x increase from the current price, which would bring the market cap to an impressive $1 billion. This optimism is fueled by $X’s recent achievements, which include breaking new all-time highs and setting records.
The current K-line, a technical analysis indicator, is still on the rise, suggesting a healthy upward trend. This trend is shaking out weak hands, dispersing the chips, and maintaining a positive outlook for $X.
Since its launch just over a week ago, $X has achieved milestones that seemed impossible to many. It reached an all-time high of $1.45 million, amassed over 8,000 holders, and grew its Telegram community to 14,500 members. Furthermore, $X has been listed on six centralized exchanges, including MEXC, BitMart, LBank, DigiFinex, Bitget, and Poloniex.
In addition to these achievements, $X has also gained significant visibility. It was the most viewed project in the last 24 hours and continues to be the most viewed on the 7-day and 30-day timelines.
X is currently trading at $0.00003529, with a 3.75% surge in the last 24 hours and a 33% surge in the last seven days.
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