Last week's US election results led to a spike in many Elon Musk-themed cryptocurrencies as his supported presidential candidate Donald Trump won. However, the meme coin that gained the most is X Empire (X) which rose 53% in the 24 hours leading up to the weekend, causing it to maintain the lead when the markets opened on Monday.
The Telegram game X Empire touched $0.000073. over the weekend. Before this, the X token rallied to an all-time high of $0.000096 on Wednesday from its all-time low of $0.000033 seen on Nov. 3.
The meme coin was first launched as a Musk Expire but later on, changed its name to X Empire. The Telegram game allows players to win rewards through a tap-to-earn format when fictional attributes linked to a cartoon version of Elon Musk are enhanced.
A day before X Empire peaked, the Telegram game gained more reaction on the Open Network (TON). The trading volume of X Empire increased by 356% to reach $316 million on that day, making X the most traded token in the network, only second to Toncoin (TON).
This came at a time when Bitcoin set a new ATH and the crypto market went on a bullish cycle over Trump's win in the US election as seen in a surge in tokens like Dogecoin which gained 73% in the last one month. The spike in DOGE is also linked to anticipation that Elon Musk will be appointed by the Trump administration to the Department of Government Efficiency (D.O.G.E.).
Musk had supported Trump's election campaign with a $130 million donation through his America PAC which establishes the connection between the two. The CEO of the social media platform X has been campaigning hard for the US President by sharing data on X and appearing in rallies.
At the time of writing on November 11 evening, X Empire was trading at $0.0003955, down 12.80% in the last 24 hours despite a 43% spike in the trading volume which reached $1.45 billion. Meanwhile, the X token’s market cap was at $271.54 million, down 11%.