Another X Meme Token Shoots Up 20,000% on DEXTools After Musk Twitter Rebrand But Crypto Experts Say It’s a Scam

As Elon Musk’s rebrand and redefinition of a leading platform in the social media space continues to send shockwaves around the world, off-shoot ‘X’ meme tokens have seen sensational returns.

And in the latest price surge, another fresh-faced meme coin, also called ‘X’ has shot up +20,000% overnight.

This comes following a similar moon-shot earlier this week by another ‘X token’, which saw investors ride a +4,300% pump on decentralized exchange (DEX) markets.

How Did X Token Pump +20,000%?

 

Launched in the early hours of 25th July 2023, X token gained intense traction within an hour of hitting meme coin markets, surging from a launch price of $0.084 to a dizzying $0.063 in a dramatic pump.

But fueled by a significant influx of more than $226k in immediate volume, the sensational run pushed even higher – with price action topping out at $0.064250 just four hours after launch.

This intense push-up saw the early backers amass an eye-watering +20,000% gain – outdoing the earlier run of fellow ‘X Token’ within less than a quarter day of trading.

The ferocity of this pump was driven by intrepid ranks of 420 holders that amassed 1.62k in transactions of the sudden pump.

But with the price now in tight-fought retreat, some experts have begun to allege that this new entrant in DEX markets could be yet another scam due to low liquidity.

 

While the fundamentals remain strong, with open source coding and limited transactional taxes, this FUD has fueled speculation that the electric run of X token might now be past its sell-by date.