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Elon Musk Denies Crypto Token for X Platform, Dogecoin Surges

Key Takeaways
  • Elon Musk denied plans to launch a crypto token for X (formerly Twitter), debunking related scam tokens
  • Musk's statement led to a 3% rise in Dogecoin's price, trading at $0.075 within the past 24 hours
  • Musk's vision for transforming Twitter into "X - An Everything App" solidified the platform's direction
05-Aug-2023 By: Simran Mishra
Elon Musk Denies Cry

Elon Musk Denies Crypto Token Plans for X - Boosts Dogecoin Sentiment

Elon Musk, the person who started Tesla and SpaceX, and now owns a social media platform called X (which used to be called Twitter), has said that he has no plans to create a cryptocurrency token for the platform. He said this in response to a post by DogeDesigner, who warned people in the crypto community about fake tokens like $X and $TWITTER which falsely claim to be connected to the social media platform. Elon Musk wants everyone to know that these claims are not true.

Musk has given a clear and definite answer, saying, "We will never do it," which ends all the rumors and guesses about adding a particular cryptocurrency as a payment choice on his platform. Before this, people were wondering if he might include a particular digital currency, especially Dogecoin, which is his favorite digital money. But now, he has made it clear that it won't happen.

And When Linda Yaccarino became the new CEO, some people were unsure if Dogecoin would be included in their plans. But recently, Elon Musk made a positive statement about Dogecoin, which made Dogecoin investors very happy and hopeful. As a result, the price of Dogecoin went up a lot.

The price of DOGE (a cryptocurrency like Bitcoin) went up by 3% in the past 24 hours and is now being traded at $0.075. The lowest price it reached during this time was $0.0727, and the highest was $0.0747. However, the trading volume has experienced a slight decrease of 10%.

Elon Musk's big plan to turn Twitter into a super app called X - An Everything App, and the official name change to X in July, has been a hot topic of discussion. He made it clear that there are no plans to create a crypto token related to X, which shows how serious he is about the platform's direction under his leadership.

The exposure of these scam token claims and the confirmation that there are no cryptocurrency plans for X have not only made the platform's position clear but also helped Dogecoin. This shows that Musk still has a strong influence on the cryptocurrency market. 

Also, read - Elon Musk's Plan to Launch Stock and Crypto Trading Platform Denied

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