Elon Musk X Twitter Rebrand Superapp – What coins will it use for payments? -TGN

Twitter owner Elon Musk is in the process of implementing a much-anticipated rebranding of the social media platform into 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 Sunday.

“Powered by AI, X will connect us all in ways we are just beginning to imagine.

The platform has already ditched its iconic bird logo in favor of one new X logo.

Given the new super app’s emphasis on payments, the rebranding has sparked renewed speculation about what medium of exchange could be used within the platform.

Musk has previously said he wants future Twitter payments to be built primarily 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 raking in impressive pumps and traders, looking for quick profits.

But just a few blue-chip cryptocurrencies that have caught Musk’s attention in the past are making a serious cry for a future Twitter payment platform.

Let’s examine the candidates.

Dogecoin (DOGE)

For over 2 years, Elon Musk has been a proponent of Dogecoin, the world’s largest meme coin by market capitalization and a self-sustaining, decentralized cryptocurrency network.

He has confirmed that he owns the Dogecoin and regularly references it on Twitter, including replacing the old Twitter bird logo with the Dogecoin logo for a short time earlier this year.

The rebrand has seen Dogecoin pumping on Monday, despite a broader downside in the crypto market.

Dogecoin (DOGE) was last trading around USD 0.074 and appears poised to break through a key area of ​​resistance in the form of the 200-day moving average and a downtrend from 2021’s all-time highs.

Speculation about a Dogecoin integration into a future Twitter payments platform has led to a major spike for the token in the past, such as when Musk first acquired Twitter last October.

If the hype continues to rise and Dogecoin can move above the main resistance, another test is whether there is no reason why resistance around $0.10 is possible soon.

Bitcoin (BTC)

Tesla, whose CEO is Elon Musk, accepted payments in Bitcoin (BTC) and maintains a sizeable BTC holding to this day.

While the leading electric car manufacturer paused acceptance of BTC payments due to concerns about the environmental impact of the Bitcoin mining network, bitcoin is definitely on Musk’s radar.

As BTC remains by far the preeminent cryptocurrency in the industry, chances are that bitcoin will be integrated into any future Twitter/X payment platform.

Bitcoin price most recently hovered around $29,000 after falling below recent ranges as traders took profits amid a lack of new positive news and further negative coverage of Binance, the world’s largest cryptocurrency exchange, from the Wall Street Journal.

Alternative currencies to consider

Dogecoin could move higher, but remains a risk game.

Meanwhile, the broader cryptocurrency remains in a broader slump that could last for the rest of the summer.

Traders looking to make a quick profit should therefore look to more speculative corners of the crypto market.

Here are a few new crypto projects that have been getting a lot of hype lately that could bring decent 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 price of $1 in 2011, a new token called BTC20 has gained a lot of hype.

The tokenomics are designed to mimic bitcoin – a token supply limit of 21 million BTC20, with tokens released to BTC20 strikers (instead of miners) on the exact same issuance schedule as bitcoin.

Some argue that BTC20 is even better than bitcoin, as it runs on an eco-friendly, energy-efficient Proof-of-Stake Ethereum blockchain, rather than an energy-hungry Proof-of-Work chain like bitcoin.

According to the project white paperwants to raise BTC20 at least $3 million, although it could be as high as $6 million, through the sale of BTC20 tokens at $1 each.

With the project already raising $1.6 million in just a few days, traders must act quickly to secure their spot.

Buy BTC20 here

Wall Street Memes (WSM)

Wall Street Memes, one of the most popular retail investment communities on the internet, rose to prominence in the 2021 meme stock craze and recently expanded its relevance in the cryptocurrency space with the presale of its new $WSM token.

The success of the $WSM presale, which raised nearly $17.5 million in just over a month, is hardly surprising given the size of the Wall Street Memes community.

Not only are there 523,000 hyper-engaged community members on her wallstbets Instagram accountthere are another 214,000 on Twitter and over 100,000 on the other two Instagram channels, wallstgonewild And wallstbullsnft.

All told, Wall Street Memes has a 1 million strong social community of thugs, which 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 held back for community rewards, airdrops to holders can reasonably be expected to be a major part of the ecosystem.

Indeed, the first $WSM airdrop is now open.

analysts are already predicting big things for Wall Street Memes when it appears on stock exchanges and you can be a part of it.

Visit Wall Street Memes here

Disclaimer: Crypto is a high risk asset class. This article is for informational purposes only and does not constitute investment advice. You can lose all your capital.