Elon Musk Quashes Rumours of X Token

Updated: 07 August 2023

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In an emphatic response to a social media post on August 5, Elon Musk, the CEO of X (formerly known as Twitter), put to rest any speculation about the platform launching its own crypto tokens.

The speculation gained momentum after Musk hinted at the possibility of integrating cryptocurrency as a payment option on X.

However, a tweet by DogeDesigner, cautioning users about scam tokens like X (X) and TwitterDAO (TWITTER) falsely claiming connections to the social media platform, caught Musk’s attention and prompted him to respond.

Elon Musk and 𝕏 never launched a crypto token. Be careful of such articles. ⚠️ pic.twitter.com/tZqfwMMm2X

— DogeDesigner (@cb_doge) August 5, 2023

DogeDesigner, who has 240,000 followers, has previously interacted with Musk. In the tweet, he shared an image of news articles with fake headlines, claiming that X had launched a crypto token.

Responding to the tweet, Musk categorically asserted:

And we never will.

This four-word statement put to rest any doubts about the platform’s intentions regarding crypto tokens. While this may discourage some projects from using Musk’s personal brand or the companies he owns for their tokens, it remains to be seen if such appropriation will cease altogether.

As mentioned earlier, in the past, Musk had dropped hints about the possibility of integrating cryptocurrency as a payment option on X. However, leaked images of the project earlier this year did not mention crypto or blockchain technology, disappointing some crypto community members.

Rumors of “Twitter Coin” and Dogecoin Integration

Amid speculations about X launching its own token, rumors of a native asset called “Twitter Coin” emerged on social media. Reports from sources like Nima Owji hinted at the possibility of a tipping and payment system on the platform.

#Twitter is working on Coins! pic.twitter.com/67upjUn37D

— Nima Owji (@nima_owji) December 3, 2022

Woody Lightyear𝛑 concurred, stating that it’s clear Twitter is actively exploring integrating a payment system that supports both fiat and crypto.

New buzz circulating about a "Twitter Coin" and it has been trending. No doubt, twitter is hard at work in integrating a payment system of both fiat & crypto, and no doubt, for crypto, #TwitterPiPayment is the most viable option. Nothing better than Pi out there. Time will tell. pic.twitter.com/kTs3lS4Tk2

— Woody Lightyear 𝛑 (@WoodyLightyearx) December 5, 2022

Some members of the Dogecoin community saw these developments as potential indicators of a Dogecoin integration, given Musk’s affinity for the meme-based cryptocurrency. Musk had previously suggested that integrating crypto with X was a “no-brainer,” leading some to believe that Dogecoin might have a role to play in the platform’s future.

In a Twitter Spaces on December 4, Musk stated:

It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.

Despite the rumors and speculations, Musk recently unveiled an ambitious vision for X, officially rebranding Twitter as X, calling it the “everything app.” While the integration of cryptocurrencies was not confirmed, Musk’s overall vision has revived optimistic sentiments among Dogecoin investors.

Buying Twitter is an accelerant to creating X, the everything app

— Elon Musk (@elonmusk) October 4, 2022

Elon Musk: The ‘Dogefather’

Elon Musk is famously passionate about Dogecoin (DOGE), a cryptocurrency created as a fun and light-hearted joke for the crypto community. He even refers to himself as the “Dogefather.”

Last year, Musk caught everyone’s attention when he purchased Twitter for a whopping $44 billion. Shortly after, he changed Twitter’s logo to the Shiba Inu dog, the iconic image associated with Dogecoin. This move caused the value of Dogecoin to surge by 20%. However, it also led to a $258 billion lawsuit against Musk, accusing him of insider trading and racketeering.

Market Response to Musk’s Statement

According to CoinMarketCap, following Musk’s clear statement that X has no plans to launch a crypto token, Dogecoin’s price experienced a boost of over 2% in a matter of hours. This surge resulted from renewed confidence among Dogecoin traders and enthusiasts, who were relieved to hear that their admired platform would not launch a competitor token.

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