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In an emphatic response to a social media publish on August 5, Elon Musk, the CEO of X (previously often known as Twitter), put to relaxation any hypothesis concerning the platform launching its personal crypto tokens.
The hypothesis gained momentum after Musk hinted at the potential for integrating cryptocurrency as a cost choice on X.
Nevertheless, a tweet by DogeDesigner, cautioning customers about rip-off tokens like X (X) and TwitterDAO (TWITTER) falsely claiming connections to the social media platform, caught Musk’s consideration and prompted him to reply.
Elon Musk and 𝕏 by no means launched a crypto token. Watch out of such articles. ⚠️ pic.twitter.com/tZqfwMMm2X
— DogeDesigner (@cb_doge) August 5, 2023
DogeDesigner, who has 240,000 followers, has beforehand interacted with Musk. Within the tweet, he shared a picture of reports articles with pretend headlines, claiming that X had launched a crypto token.
Responding to the tweet, Musk categorically asserted:
And we by no means will.
This four-word assertion put to relaxation any doubts concerning the platform’s intentions concerning crypto tokens. Whereas this may increasingly discourage some initiatives from utilizing Musk’s private model or the businesses he owns for his or her tokens, it stays to be seen if such appropriation will stop altogether.
As talked about earlier, up to now, Musk had dropped hints about the potential for integrating cryptocurrency as a cost choice on X. Nevertheless, leaked photos of the challenge earlier this yr didn’t point out crypto or blockchain know-how, disappointing some crypto group members.
Rumors of “Twitter Coin” and Dogecoin Integration
Amid speculations about X launching its personal token, rumors of a local asset referred to as “Twitter Coin” emerged on social media. Studies from sources like Nima Owji hinted at the potential for a tipping and cost system on the platform.
#Twitter is engaged on Cash! 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 cost system that helps each fiat and crypto.
New buzz circulating a few “Twitter Coin” and it has been trending. Little question, twitter is difficult at work in integrating a cost system of each fiat & crypto, and little question, for crypto, #TwitterPiPayment is essentially the most viable choice. Nothing higher than Pi on the market. Time will inform. pic.twitter.com/kTs3lS4Tk2
— Woody Lightyear 𝛑 (@WoodyLightyearx) December 5, 2022
Some members of the Dogecoin group noticed these developments as potential indicators of a Dogecoin integration, given Musk’s affinity for the meme-based cryptocurrency. Musk had beforehand urged that integrating crypto with X was a “no-brainer,” main some to imagine that Dogecoin might need a task to play within the platform’s future.
In a Twitter Areas on December 4, Musk acknowledged:
It’s form of a no brainer for Twitter to have funds, each fiat and crypto.
Regardless of the rumors and speculations, Musk just lately unveiled an bold imaginative and prescient for X, formally rebranding Twitter as X, calling it the “every little thing app.” Whereas the combination of cryptocurrencies was not confirmed, Musk’s general imaginative and prescient has revived optimistic sentiments amongst Dogecoin buyers.
Shopping for Twitter is an accelerant to creating X, the every little thing app
— Elon Musk (@elonmusk) October 4, 2022
Elon Musk: The ‘Dogefather’
Elon Musk is famously captivated with Dogecoin (DOGE), a cryptocurrency created as a enjoyable and light-hearted joke for the crypto group. He even refers to himself as the “Dogefather.”
Final yr, Musk caught everybody’s consideration when he bought Twitter for a whopping $44 billion. Shortly after, he modified Twitter’s emblem to the Shiba Inu canine, the long-lasting picture related to Dogecoin. This transfer triggered the worth of Dogecoin to surge by 20%. Nevertheless, it additionally led to a $258 billion lawsuit in opposition to Musk, accusing him of insider buying and selling and racketeering.
Market Response to Musk’s Assertion
In keeping with CoinMarketCap, following Musk’s clear assertion that X has no plans to launch a crypto token, Dogecoin’s worth skilled a lift of over 2% in a matter of hours. This surge resulted from renewed confidence amongst Dogecoin merchants and fanatics, who have been relieved to listen to that their admired platform wouldn’t launch a competitor token.
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