Elon Musk has unequivocally denied any intentions of launching a cryptocurrency token associated with his social media platform, X. The announcement comes in response to concerns raised by a Dogecoin (DOGE) graphic designer, who cautioned the crypto community about potential scam tokens claiming affiliation with X.
Debunking Token Rumours
The Dogecoin graphic designer highlighted that neither Elon Musk nor his platform X has ever initiated any crypto token project, dispelling rumours that had been circulating within the crypto space. In light of this warning, Musk took to Twitter to clarify the matter, stating that X has no plans of venturing into the realm of cryptocurrency tokens.
While Elon Musk has been known for his vocal support of Dogecoin (DOGE), he reiterated that X has no immediate plans to launch any crypto tokens. His past endorsements of DOGE, such as temporarily changing his Twitter logo to the Shiba Inu logo behind Dogecoin, have significantly influenced the token’s value, causing a 27% price surge.
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Despite his enthusiasm for DOGE, Musk has previously hinted at the possibility of integrating cryptocurrencies as a payment method on his platform, X. This has led to the emergence of several low-cap tokens with names referencing X, Twitter, and even Musk himself. Tokens like X-token, TWITTER, CryptoTwitter, and ELON BUYS TWITTER (EBT) have entered the market.
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Social media accounts and news outlets have linked these tokens to X’s supposed plans to distribute revenue among content creators. A user even shared a detailed thread suggesting that X might utilize X-tokens for compensating content creators in the future. Elon Musk’s unequivocal confirmation puts all speculations to rest, assuring the crypto community that X has no intentions of launching a crypto token. Despite the clarification, DOGE experienced a slight boost, with its price rising by over 2% just hours after Musk’s tweet. Elon Musk’s statement should alleviate concerns about the potential introduction of a crypto token associated with X.