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X Token Rises 2000% After Elon Musk’s Twitter Profile Update

The price of X token has increased by 2000% in the last 24 hours. This comes after Elon Musk changed his Twitter profile picture to an X as part of his rebranding plans.

On July 23, the billionaire spoke about the upcoming rebranding of his social network.

In a series of tweets, the businessman shared his plans with subscribers, which, among other things, include changing the name of the site to “X”.

Cryptocurrency called X is associated with a multi-chain decentralized NFT market.

The official website mentions that the token is owned and operated by the X community and is managed by the X DAO.

It is also reported that the NFT marketplace is now closed.

  • The X token cryptocurrency is connected to a multi-chain decentralized NFT market.
  • The token is owned and administered by the X community, according to the token’s official website, while the X DAO provides Governance.
  • According to reports, the NFT marketplace is currently closed.
  • According to Coingecko data, the price of Xtoken has increased by more than 2000% in the past day and by more than 1,830% in the past week.

At the time of publication, X token is trading at an average price of $0.000392.

Its 24-hour trading volume has increased by 142,771% to $133,491.

what is X token and how does it work

The X token is a cryptocurrency associated with the Function X project.

Here is how it works :

  • Function X Ecosystem: The Xtoken is part of the Function X ecosystem, which aims to provide a decentralized internet and blockchain-based infrastructure.
  • It enables inter-blockchain communication and serves as a hub for connecting multiple blockchains.
  • Proof of Stake (PoS): The underlying consensus model of Function X is Proof of Stake (PoS).
  • This means that token holders can participate in block validation and earn rewards by staking their tokens.
  • Governance Token: The Xtoken, also known as $FX, is the governance token for the Function X project.
  • Token holders can use it to vote on network upgrades, delegate their voting power, and secure the core network.
  • Use Cases: The Xtoken has several use cases within the Function X ecosystem.
  • It can be used as a means of payment for services such as staking, vote eligibility, smart contract creation, and data storage.
  • It can also be used as collateral and to generate synthetic assets.
  • Availability: The $FX token has been available on the Ethereum blockchain since 2019.
  • It is traded on various cryptocurrency exchanges.

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