X Empire Token Hits New High on The Open Network (TON)
X Empire Token– Bitcoin reached an all-time high late Tuesday as projections of Donald Trump’s win in the 2024 presidential election gained momentum, sending shockwaves through the entire crypto market. However, one of the most surprising developments was the massive surge in the price of X, the token from the Elon Musk-themed Telegram game, X Empire.
According to CoinMarketCap, X soared by 53% within just 24 hours, bringing its value to $0.000073. The token, minted on The Open Network (TON), briefly hit a peak of $0.000096 on Wednesday before settling back down. This sudden rise followed a dramatic drop to an all-time low of $0.000033 on November 3.
X Empire: The Telegram Game Behind the Surge
X Empire, initially launched as Musk Empire earlier this year, is a tap-to-earn game where players can upgrade a cartoon version of Elon Musk’s attributes and businesses. The game quickly capitalized on Musk’s popularity, integrating a play-to-earn model that mirrors the hype surrounding the Tesla and SpaceX CEO. Despite a rebranding, the game kept its focus on a Musk-inspired virtual world, and the timing of its token launch and airdrop in October fueled its recent price surge.
Notably, the token has surged into prominence, becoming the most-traded token on TON (excluding Toncoin), with a staggering $316 million in trading volume over the last 24 hours. This represents an impressive 356% spike from the previous 24-hour trading volume, nearly doubling the second-highest token, Notcoin (NOT), which achieved a $159 million trading volume.
The Musk Factor: A Symbiotic Relationship Between Crypto and Politics
The surge in X Empire’s token price is likely tied to the broader influence of Elon Musk. Musk, a vocal supporter of Donald Trump, played a key role in backing the Republican candidate’s 2024 campaign. The billionaire entrepreneur even donated $130 million to Trump’s America PAC, showing his financial backing for the former president. Musk also appeared at Trump rallies in the lead-up to Election Day, further solidifying his political connections.
Moreover, Musk’s impact on the crypto market is well-known, with his involvement in Dogecoin (DOGE) pushing the original meme coin to new heights. DOGE has risen by 73% in the last 30 days, partly driven by rumors that Trump might tap Musk to lead a new Department of Government Efficiency (D.O.G.E.). Musk’s public support and visibility during the election have had a significant impact on both his personal brand and the crypto assets linked to him.
In addition to his role in politics, Musk’s influence on social media platforms like X (formerly Twitter) is evident, as the platform saw record usage amid the election excitement. Musk even shared a chart that claimed to show data on U.S. hourly mobile usage on Tuesdays, showcasing how the ongoing election buzz boosted traffic to his platform.
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