On August 5th, Elon Musk, addressing the crypto community, clarified that there are no plans for the social media giant ‘X’ (previously known as Twitter) to roll out its own cryptocurrency. This statement was in response to a post highlighting scam tokens, such as $X and $TWITTER, which purported to have affiliations with the renowned social platform.
DogeDesigner, a recognized figure in the crypto world, posted a warning concerning misleading articles about these scam tokens, emphasizing that neither Musk nor X ever launched a crypto token. Replying to this, Musk was clear, stating, “And we never will.”
And we never will
— Elon Musk (@elonmusk) August 5, 2023
Past Hints and Present Clarifications
Musk’s past comments had left traders speculating on the likelihood of a dedicated crypto token for the platform or whether he’d lean towards his favored Dogecoin. Yet, the recent induction of Linda Yaccarino as CEO stirred conversations about the potential integration of Dogecoin. Musk’s latest remarks, however, have strengthened the hopeful outlook of Dogecoin enthusiasts.
X: The Everything App
Recently, Musk has been vocal about his grand plans to evolve Twitter into a comprehensive platform termed “X – An Everything App.” Acting swiftly on this vision, he rebranded Twitter to X just last month.
Dogecoin’s Price Surge Post-Clarification
Following Musk’s emphatic rejection of any crypto plans for X, Dogecoin witnessed a notable surge, rising over 2% within mere hours. As per Coinmarketcap (1), DOGE’s price has increased by 3% in the last day, currently trading around $0.075. However, its trading volume has seen a minor 10% dip in the same period.
