We’re all familiar with the eccentricities of Elon Musk, the closest thing tech has to a living Willy Wonka.

There’s the tunnel under California. His flamethrower launch. His space ambitions. And of course, Musk’s acquisition of Twitter.

But the latest, strangest chapter in the tale of Musk involves a total Twitter rebranding — and it’s sent one coin sky high.

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☕️ Putin Signs Digital Ruble into Law 🇷🇺 🪙

Vladimir Putin has signed a bill approving the Digital Ruble, positioning Russia for the launch of its CBDC.

In addition to the Digital Ruble being greenlit, the Bank of Russia has also been appointed as the platform operator for the upcoming currency.

But it may be a while before the Digital Ruble actually hits the streets of Moscow. The First Deputy Chairperson of the Bank of Russia Olga Skorobogatova said most Russians should expect the Digital Ruble by 2025 at the earliest.

As the former Soviets move toward Web3, it’s only a matter of time before they release their next innovation, the Eastern Bloc-chain.

☕️ Binance to Reenter Japan 🪙 🇯🇵

Binance will once again launch its crypto services in Japan come August.

This announcement comes in the wake of Binance being kicked out of several countries such as the Netherlands, Cyprus, Austria, and France, while Binance.us is still under domestic investigation.

CEO Changpeng Zhao announced Binance’s reentry during a conference in Tokyo on July 25.

Binance issued a notice last November that they were suspending services for Japanese users, but those same users will be able to reintegrate in August 2023 through a new identity platform.

Hopefully, the relaunch of Binance will give Japanese citizens something to do with the three hours they’ll save not seeing “Oppenheimer.”

☕️ Arkham Gunning for Terra 🦇 🪨

The highly controversial Arkham Intelligence platform with its “snitch to earn” program, is now setting its sights on Do-Kwon and Terra Labs.

Arkham Intelligence offered roughly $5,000 of its native token in exchange for evidence of Do-Kwon’s crypto wallets.

And that bounty has been claimed by two amateur crypto sleuths, one anonymous and one going under the pseudonym ErgoBTC.

Keeping with the theme, the informants won’t only receive crypto, but two fake passports and an all-expenses-paid trip to Montenegro.

Spilling the Beans

Elon Musk's 'X-Factor' 📈 🤯

X.

It’s Algebra’s protagonist. The missing link. You can slap it onto any noun and create a superhero.

But is “X” really a great rebrand for Twitter, one of the world’s largest social media platforms?

Elon Musk certainly seems to think so. The rename is part of Musk’s efforts to render Twitter into more of an “everything app,” like China’s WeChat.

For now, Twitter has already become X.com. Everyone in San Francisco can tell by the projection of a giant “X” on the side of X’s (formerly Twitter’s) headquarters.

Now, this rebranding has been met with a… lack of enthusiasm from the denizens of Twitter.

Once Hollywood is done striking, there will almost certainly be a biopic detailing how Elon Musk drove his $44 billion acquisition into the ground — whether it fails or not.

Some columnists have even penned eulogies for Twitter, such as Jennifer Rubin’s op-ed in The Washington Post, suggesting that the demise of Twitter and the emergence of Threads means that capitalism may still be alive and well.

It’s one of the true, silver linings of capitalism: when a business empire is in decline — or appears to be — it gives rise to several new ones.

Or in this case, Elon Musk’s weird branding decision has given serious boosts to some unlikely tokens.

Sometimes the erratic movements of a tech billionaire can lift your company sky-high through a combination of circumstance and sheer, dumb luck.

And that was the case for X token, an ignominious crypto that soared up 1,400% in the hours following the Twitter rebrand.

X token, of course, has nothing to do with Twitter, other than a newly shared name.

But this hasn’t stopped dozens of bad actors from trying to capitalize on the hype. Dozens of X-named shit tokens conveniently popped into existence this week, promising investors short-term gains.

And let’s not forget Dogecoin, Musk’s pet altcoin and the subject of pending litigation. Dogecoin has been up 19% over the past week and surged 10% after Musk’s latest wackiness.

But for the pretenders looking to eke out shades of X token’s success, it may be too little too late.

Like any fad, you have to ride the wave before it quickly crashes on the shore. And to catch that wave, you have to be in exactly the right place at the right time.

But for those lucky X token holders, it looks like the immortal words of DMX proved to be true.

“X gon’ give it to ya.”

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Meme of the Day

This is a train wreck we just can’t look away from. 💥 🚂 🙈

Crypto 101

X Token: Launched in 2021 and built on the Binance Smart Chain.

X Token included a new protocol that would donate usage fees to make crypto more accessible to amateur investors, with a focus on minorities or those with limited access to computers.

It’s a noble goal and it’s nice that X Token got a huge boost from developments it had absolutely no connection to.

The Last Sip

As a rebrand, X is a mysterious, new name for Twitter. Is it a better one? Seems unlikely. But we thought it might be time to rebrand a couple of the largest social media platforms.

3. Instagram - “Horny Pictures that Make You Sad, Sometimes Dogs”

2. Tinder - “Straight Grindr”

1. Meta - “The Facebook” That’s right, we’re bringing the “the” back. Chew on that, Justin Timberlake as Sean Parker.

Stay Caffeinated,

Coffee & Crypto Team

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.