Elon Musk’s social networking platform, known as “X,” has stated unequivocally that it has no plans to develop its own cryptocurrency token. This move was made in response to concerns expressed by a graphic designer connected with Dogecoin (DOGE). This designer warned the crypto community of potentially fraudulent coins claiming involvement with the site.
It’s worth noting that neither Elon Musk nor his X platform has ever issued a crypto token. Despite his well-known enthusiasm for Dogecoin (DOGE), Musk has stated that X will not enter the cryptocurrency token area. This is huge news for the blockchain sector and the Bitcoin community.
Recently, a number of new tokens have emerged, including X-token, TWITTER, CryptoTwitter, and ELON BUYS TWITTER (EBT). Some have linked these coins to X’s promise to share platform revenue with creators.
One user posted a lengthy thread about X, implying that the site may use X-tokens to recompense content providers. It is important to note that none of these coins have been officially produced by X or Elon Musk. The majority of what you will see is spam tokens looking to steal your money.
JUST IN: Elon Musk says his fight against Mark Zuckerberg will be live-streamed on #X (Twitter), and "all proceeds will go to charity for veterans."
— Walletor (@walletorapp) August 6, 2023
Elon Musk’s announcement has put to rest any speculation about X issuing a cryptocurrency token. This confirmation has even provided Dogecoin (DOGE) a small bump. Shortly after his tweet, the token’s value increased by more than 2%. However, this appears to be rather regular because whenever something major happens involving Elon Musk, the token’s price rises or falls.
Conclusion
Finally, Elon Musk’s social media network, X, does not intend to enter the realm of crypto tokens. Musk himself is said to have confirmed this. While the crypto world has seen the creation of coins associated with X and related concepts, no such launch is currently planned. This clarification from Musk has brought some solace and clarity, positively boosting the value of DOGE in the hours after his statement.
