Elon Musk’s social media platform, X, has no plans of launching a crypto token, despite previous rumors suggesting otherwise.
The decision comes after a warning from a Dogecoin (DOGE) graphic designer, who alerted the crypto community to potential scam tokens falsely claiming association with X.
The designer noted that neither Elon Musk nor X has ever launched a crypto token, prompting Musk to respond, saying the social media platform has no plans of launching any crypto token.
Elon Musk and 𝕏 never launched a crypto token. Be careful of such articles. ⚠️ pic.twitter.com/tZqfwMMm2X— DogeDesigner (@cb_doge) August 5, 2023
It is widely known that Elon Musk has publicly expressed his support for Dogecoin (DOGE). His interest in the project was evident when he temporarily replaced his Twitter logo with the Shiba Inu logo behind Dogecoin, forcing DOGE up by 27%.
Musk has also hinted at integrating crypto as a payment method on X.
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As a result, several low-cap tokens have recently emerged, with names referencing X, Twitter, or even Musk himself. Some of them include X-token, TWITTER, CryptoTwitter, and ELON BUYS TWITTER (EBT).
Social media accounts and news outlets have connected these tokens to X’s proposal to distribute revenue with creators. A user has also written a detailed thread on X, stating that the platform intends to use X-tokens to compensate content creators in the coming days.
$X token by Elon Musk is CONFIRMED 🚨The latest dev version of 𝕏 has implemented X coins!How $X will affect crypto, and how to make money from it:👇 pic.twitter.com/7DY5X4YVxi— 𝗰𝘆𝗰𝗹𝗼𝗽 (@nobrainflip) August 2, 2023
Elon Musk’s confirmation should put any speculation about introducing a crypto token to rest. However, it gave DOGE a slight boost since the token is up by over 2% hours after his tweet.
Overall, DOGE is up 4% in the last 24 hours, trading at $0.075 and ranging between a low of $0.0729 and a high of $0.0758. However, trading volumes are down 10% on the last day.
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