Several cryptocurrencies branded 'X' surged at the beginning of the week after the social media platform Twitter changed its iconic blue bird logo to an 'X' symbol. Twitter's owner, Elon Musk, tweeted about the changes on the weekend.

In April, Musk integrated Twitter into a shell company dubbed X, Corporation, causing speculations among the users of the social media platform. Before buying Twitter, the tech billionaire said the platform would enable him to create an app for a wide range of services dubbed 'everything app'.

Musk Replaces Iconic Bird Logo

Commenting about the changes, Twitter's Chief Executive Officer, Linda Yaccarino, explained: "X is the future state of unlimited interactivity, centered in audio, video, messaging, payments or banking, to create a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X connects us all in ways we are just beginning to imagine."

Additionally, the development on Twitter has led to the emergence of new cryptocurrencies with the symbol X which have skyrocketed in value as traders try to profit from the hype. One cryptocurrency, which reportedly closed its operations in May, jumped as high as 1,200%, while another token with the logo of Musk's SpaceX exploration company surged 1,000%, according to CoinMarketCap.

New Vision for Twitter

Musk, who serves as the Executive Chair and Chief Technology Officer at Twitter, is fond of using the letter X in his companies, from his space exploration company SpaceX to his recently launched Artificial Intelligence (AI) company, xAI. The Tesla CEO founded X.com in the earlier days of his career before the company merged with Confinity and rebranded to PayPal in 2001.

Musk bought Twitter last year for USD $44 billion and introduced several changes to the social media platform, including staff layoffs. Shortly after acquiring the company, Musk tweeted that "the bird was free," referring to the iconic Twitter symbol, and that he would allow free speech on the platform.