X is nestled within the Ethereum blockchain and its current market cap stands at $21.55 million dollars. Boasting a total supply of 9.83 billion tokens, this project certainly seems to have more than a bit of clout; even for such a new undertaking.
We've already seen a fair amount of transactions that have resulted in a certain level of volatility. Still, this isn't entirely uncommon for any crypto token that has only recently been introduced to the public.
We should also be clear in stating that $X is not officially linked to Elon Musk and his rebranding of Twitter (as some might suspect). We instead feel that X could be a means to grab his attention (similar to how the price of Dogecoin experienced a significant rise after Musk mentioned DOGE on social media channels).
A Bit About X
The $X project was started by some of the same team members responsible for the ERC-20 Ethereum blockchain. In fact, their contact address is literally [email protected]. However, its developers note that this is a community-based project. We're therefore fairly confident that other parties are currently involved. The $X proposal has been self-described as a way to further democratize the crypto community by providing token holders with a say in terms of future strategic decisions.
In some ways, this concept is similar to other recent undertakings such as Worldcoin. The creators of X nonetheless believe that it could follow in the footsteps of other well-known altcoins such as Floki and Dogecoin. Fingers crossed here.
An X.com-inspired meme and utility token!CryptoLists.com
It seems as if this digital gamble was at least partially inspired by Elon Musk's recent rebranding of Twitter to the bold letter "X". Similar to any token, it can be purchased at a specific market value to be potentially sold at a later date. However, one unique characteristic of X is that it is a deflationary utility token. In other words, a portion will be burned during each transaction. This will lead to a decrease in supply and in theory, substantial price increases thanks to growing demand.
Utility of X?
As the $X project has been deliberately hidden from the pubic eye in order to attract attention, speculation is rife. However, we can refer back to its developers in order to get a better understanding of the purposes that it could serve in the future. They strongly claim that one of the driving forces behind X involves democratized investing and the ability for stakeholders to decide its future.
The Twitter (or should we say X) profile claims it's a meme coin with no inherent value.
The developers also state that X may integrate NFT functionality into the trading system in the near future, as they recognize how popular non-fungible tokens have become in recent times.
Another core tenet of $X is how the number of tokens themselves will lessen over time du to the deflationary nature of its ecosystem. W're hoping that this can provide a significant price boost as a result of the relationship between supply and demand.
Finally, a portion of all transactions will be donated to charitable organizations named by the developers. This should serve to attract anyone who wishes to see potential profits put to good use.
X Price detailsETH Contract address: 0xa62894D5196bC44e4C3978400Ad07E7b30352372
›› Details & Tokenomics
Advantages of X+ $X has already caught the attention of the public.
+ Its creators have laid out an ambitious four-phase roadmap for 2023 and 2024.
+ X can currently be purchased on four different exchanges.
+ At the moment, each token is relatively cheap to buy.
+ X has enjoyed a surprisingly high trading volume since its launch.
Disadvantages- X is an extremely new utility token with not much history.
- There aren't any guarantees that developers will meet their goals.
- It isn't entirely clear if $X itself will charge trading fees.
- X hasn't yet listed on any major centralized exchange.
- Only a small number of tokens have been purchased by the general public at this point.
Costs▪ Rated at 7.5/10
Note that the developer costs in relation to X transactions are not entirely clear. This is once again likely due to the fact that the token itself was launched only a handful of days ago (at the time when this review was written). However, traders might still incur third-party fees when using crypto exchanges. For instance, X currently accepts DigiFinex, MEXC, and Bitmart.
If you happen to trade with DifiFinex, you'll be charged 0.2 percent for both deposits and withdrawals. It's therefore wise to consult with your specific exchange to learn more.
Reputation and Buzz▪ Reputation rated at 7.5/10
▪ Buzz rated at 7.5/10
The $X project has received a fair amount of attention since its launch on 28 July. We've already seen online speculation in regard to potential ties to Elon Musk.
Relatively impressive price movements have also allowed X to be featured as one of the top ten tokens on crypto analysis portals such as DEXTools. One additional feature which has turned heads involves the ongoing X "road map" for the remainder of 2023.
They've set clear goals such as working with social media influencers, achieving 10,000 token holders and obtaining at least one CEX (centralized exchange) listing. So, it's no surprise that X has been turning heads.
Is X directly linked to Elon Musk or the recent Twitter rebranding?
There's no indication that X is related to either. Having said this, Elon Musk could very well take notice at what's being offered. It seems as if the developers of X are actually counting on such speculation.
Where can I buy X?
It developers recommend navigating to Uniswap. They've also provided a direct link at the bottom of their main page. Other options include LBank, MEXC and DigiFinex.
Is X a worthwhile long-term investment?
While we don't possess a crystal ball, initial price movements and significant public interest could very well enable X to be an interesting long-term venture. However, remember that crypto trading is always associated with a fair amount of risk.
History of X
28 July 2023 - The $X utility token is officially launched.
29 July 2023 - X achieves a 24-hour trading volume of $13.88 million dollars.
30 July 2023 - X obtains more than 7,200 token holders.
31 July 2023 - The price of X reaches an all-time high of $0.000041 dollars.