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Elon Musk has shut down rumors that his X platform plan to launch an X token as a part of the X ecosystem as sure media retailers had reported about $X and $TWITTER tokens giving the impression that they have been linked to the social media large.
No X Token Now Or Ever
On August 4, an X consumer who goes by DogeDesigner (a distinguished member of the Dogecoin group), tweeted that Elon Musk and X had not launched an X token and warned the crypto group of falling for the articles on the rip-off tokens.
He stated: “Elon Musk and 𝕏 by no means launched a crypto token. Watch out of such articles. ” In reply to this tweet, Musk tweeted: “And we by no means will.”
Musk’s feedback additionally comply with dashed hopes that the social media platform could be launching a ‘Twitter Coin’ that unfold like wildfire throughout the crypto group final yr. Nonetheless, with the platform’s rebrand to X, all expectations of a ‘Twitter Coin’ have since been laid to relaxation.
Renewed Hope For The Dogecoin Group
Whereas it might not be important {that a} member of the Dogecoin group (DogeDesigner) identified the falsity of the X token rumors, Musk’s admission that there’ll by no means be an X token additional signaled a bullish sentiment for members of the Dogecoin group.
A report by the Monetary Instances acknowledged that a part of Twitter’s plans for its fee function was to help fiat currencies initially but additionally to accommodate the potential for together with cryptocurrencies ought to the chance come up.
This, alongside Musk’s fondness for digital property, made the crypto group speculate on whether or not Twitter (now ‘X’) would launch its token or combine his favourite Dogecoin into the platform.
DOGE worth jumps 2% following Musk’s tweet | Supply: DOGEUSD on Tradingview.com
Nonetheless, Linda Yaccarino’s appointment as the brand new X CEO appeared to have raised doubts within the Doge group about the potential for a DOGE integration on the X platform. However now, Musk’s remark appears to have revived these hopes.
The Dogecoin group consider that within the absence of an X token, DOGE might turn out to be accepted by “X” because the token of first selection for customers that wish to make funds for subscription or different providers on the platform with crypto.
This might turn out to be a actuality as Elon Musk has lengthy supported the token, together with referring to himself as “The DogeFather” in a 2021 tweet. Moreover, Musk has usually made cryptic tweets associated to Dogecoin.
There was additionally a time when the blue chook brand on X’s homepage and loading display screen was changed with a Shiba Inu picture intently related to the meme coin DOGE.
In typical trend, Dogecoin’s worth reacted to Musk’s tweet confirming that he had no intention of launching an X token, seeing a rise of over 2% hours after. DOGE remains to be up within the final 24 hours, buying and selling at round $0.07599, based on knowledge from CoinMarketCap.
Featured picture from Worldwide Enterprise Instances, chart from Tradingview.com
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