Elon Musk debunks scam token claims, assures no crypto plans for X

Elon Musk firmly stated that the social media platform X, (formerly known as Twitter), has no plans to launch any crypto tokens, as he responded to a post regarding questionable X and Twitter-based digital currencies on Saturday, August 5.

In response to a post made by DogeDesigner, Elon Musk addressed the issue of scam tokens like $X and $TWITTER falsely claiming connections to the social media platform. DogeDesigner had cautioned the crypto community about being cautious with certain articles related to scam tokens and clarified that neither Elon Musk nor X had ever initiated a crypto token. In his reply, Elon Musk asserted, "And we never will."

Previously, Elon Musk had dropped hints about the possibility of incorporating cryptocurrency as a payment option on his platform. Traders were left wondering whether he would introduce a particular crypto token or stick with his favorite, Dogecoin (DOGE).

And we never will

However, with the appointment of Linda Yaccarino as the new CEO, some doubts arose regarding the likelihood of Dogecoin integration. Nevertheless, the recent comment from Musk has revived optimistic sentiments among Dogecoin investors.

Elon Musk recently announced his ambitious vision of transforming Twitter into an all-encompassing platform known as X - An Everything App. Taking immediate action towards this goal, he officially changed Twitter's name to X in July.

Related: Agence France-Presse sues Elon Musk and X/Twitter over compensation for news

Following Elon Musk's confirmation that he has no intentions of launching a crypto token, the price of Dogecoin experienced a significant increase of over 2% within a matter of hours.

According to Coinmarketcap, over the past 24 hours, the price of DOGE has seen a 3% rise and it is presently trading at $0.075. The cryptocurrency's lowest and highest values during this period were recorded at $0.0727 and $0.0747, respectively. Nonetheless, the trading volume has experienced a slight decrease of 10% in the last 24 hours.

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