Elon Musk Rebrand of Twitter as X Sparks Wave of Scam Coins Using Same Name. What to Avoid, And What to Trust

Updated: 24 July 2023

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Scam coins using the name X surged following Elon Musk’s announcement about a rebranding of Twitter to X.

“Fear Of Missing Out” (FOMO) appeared to draw investors to a batch of scam coins after Musk said that if it was done right, the creation of an X app built off Twitter that that includes features from payments to shopping could potentially become half of the global financial system.

Elon Musk says if done right, X would become half of the global financial system. pic.twitter.com/HoslcIxRiP

— Watcher.Guru (@WatcherGuru) July 24, 2023

Elon Musk’s Twitter Rebranded as ‘X’

Even though the planned change garnered mixed opinions from commentators, it also sparked a batch of scam coins named X. Here are some of the confirmed scam coins that rallied:

Bogus X Coin #1: X crypto

The X/USD coin showed an impressive gain of +158K% within 24 hours of its launch. It boasts of a market cap of $2.96M and a total volume of $5.26M.

However, its 65/99 reliability score and 94.9% Community score based on only 59 votes raise concerns. The most alarming red flag is that the coin has been blacklisted on DEXTools.

Bogus X coin #2: X-Coin

Similarly, another Bogus X coin experienced a rapid increase of +363% within 24 hours. It holds a 91/99 Reliability score with a 92.9% Community Trust based on just 14 votes. While not blacklisted on DEXTools, the coin’s 5% sell tax gives reason for concern.

Bogus X coin #3: X JP

The Japanese X coin displayed a significant rise of +340% within 20 hours, with a market cap of $272K. On DEXTools, the X JP coin received a reliability score of 64/99 and a mere 8.5% Community Trust from only 8 votes. Although not blacklisted, the combination of low-reliability score, market cap, and community votes raises red flags about this coin.

Bogus X coin #4: AI-X

Meanwhile, the AI-X coin also saw a substantial increase of +194% within 36 hours. It boasts a market cap of $6.12M and a trading volume of $7.15M. It shows impressive 99/99 reliability score and 0% sell tax. However, the coin’s low 56% Community Trust based on 506 votes and blacklisting on DEXTools are concerning factors.

Investors should exercise caution and thoroughly evaluate these red flags before considering any investments in these likely bogus X Coins.

It is imperative to note that the crypto playing field is full of bad actors and projects claiming to be legitimate. Wisdom demands that investors conduct thorough due diligence before investing in any coin.

It’s likely best to give these bogus X coins a wide berth, especially given there are other legitimate investment options.One of worth considering is WSM.

Promising Alternative To These Bogus X Coins

Wall Street Memes ($WSM) has become a notable player in the world of cryptocurrencies, generating considerable interest and investor enthusiasm. This meme coin is touted as being among the best ERC-20 tokens, having quickly gained traction in record speed. Noteworthy, its presale is approaching an astounding $18 million milestone.

📢 Wall Street Memes Presale Closes in on $17 Million as Crypto Influencers Back the Token to Explode.#WallStreetMemes ($WSM) presale nears $17 million milestone as investments pour into this high-potential meme coin.#MemeCoin #CryptoPresale pic.twitter.com/UuDXguVPhQ

— Insight Chainz (@InsightChainz) July 23, 2023

The inspiration behind Wall Street Memes stems from the GameStop debacle of 2021 and the legacy of Wall Street Bets heroes. This reflects the triumph of internet-driven financial empowerment. As it continues to trend like wildfire across social media, the buzz surrounding WSM shows no signs of slowing down.

Features of Wall Street Meme Coin

With a total supply of 2 billion tokens, WSM has managed to attract 1 million users in combined social media following. This massive online presence has contributed to its growing popularity. This comes as crypto enthusiasts, and analysts alike predict an imminent explosion in its value.

Presale Success and Airdrop Giveaway

In less than eight weeks since its presale commenced, Wall Street Memes has raised well over $17.45 million. This is a testament to its appeal among investors.

To celebrate this milestone, the project has launched an exciting airdrop event. It is offering a generous prize of $50,000 worth of $WSM tokens (300,000 WSM) to be divided among five lucky participants.

Citing an expert from the website:

We’re giving away $50,000 worth of $WSM tokens split between 5 lucky degens in a very generous Wall Street Memes airdrop.

Apart from its meme appeal, investors are also drawn to WSM due to the team’s experience and track record of success in the cryptocurrency industry. Coupled with its massive popularity and sound tokenomics, $WSM has positioned itself as a promising player in the crypto world.