Elon Musk’s Influence Drives X Empire Token to New Heights

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3 hours ago

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Bitcoin's All-Time High Surge

Bitcoin hit a record high late Tuesday, following the projected win of President-Elect Donald Trump. This surge lifted the entire crypto market, sending many coins to new highs. Bitcoin's performance was especially notable, as it reached levels unseen before. This momentum helped boost other crypto assets, creating a wave of growth across the market.

Source: X

While Bitcoin grabbed the spotlight, an unexpected crypto token also saw an impressive surge. The X token, from the Elon Musk-themed Telegram game X Empire, jumped by 53% in just 24 hours.The price had risen from its lowest point of $0.000033 on November 3 to $0.000073 at that time. The token's unexpected appeal was demonstrated by its late Wednesday peak of $0.000096.

X Empire Becomes the Most-Traded Token on TON

X Empire’s growth didn’t stop at price increase. It became the most traded token on The Open Network (TON) after Toncoin (TON), recording a trading volume of $316 million. This is a 356% increase compared to the previous 24-hour period. The surge pushed it ahead of other tokens, like Notcoin (NOT), which only reached $159 million in trading volume during the same time.

The major factor driving this surge is the game’s unofficial tribute to Elon Musk. Originally called “Musk Empire,” the game quickly rebranded to X Empire. Despite the name change, the game still focuses on upgrading the attributes and businesses of a cartoonish version of Musk. This tap-to-earn game gained attention before its token launch and airdrop in October, keeping players engaged.

Source: X

Elon Musk’s presence in the real world has likely contributed to the crypto market’s boost. Musk has been a vocal supporter of Donald Trump, even backing his campaign with $130 million through his America PAC. Musk’s involvement in Trump’s rallies ahead of the election may have further fueled the rise of Musk-related coins, including Dogecoin (DOGE). Over the last 30 days, DOGE rose by 73%, driven in part by the excitement surrounding the Department of Government Efficiency, a new government body that Musk might head, as suggested by Trump.

Musk’s influence didn’t stop at politics or crypto. He also claimed record usage of his platform, X (formerly Twitter), during the election. He shared a chart showing mobile usage data from the U.S., claiming that the platform saw high engagement amid the election buzz. It doesn't provide a whole view of the platform's performance over time, though, because the data was restricted to the last few weeks.

The larger cryptocurrency market has been significantly impacted by Musk's actions. Musk continues to play a significant role in determining market trends due to his support of Trump and participation in a number of well-known initiatives, such as SpaceX and Tesla.  His influence extends beyond just the tech industry, reaching into the world of crypto, where his name continues to carry weight, as seen in the success of X Empire and Dogecoin.