Musk Says X Will ‘Never’ Launch a Crypto Token – Elon Musk, the tech investor and owner of social media platform X (formerly Twitter), firmly stated that his platform will never introduce its own cryptocurrency token. This declaration came in response to a user’s post warning about fake coin projects misusing Musk’s name and the platform’s name for deceptive purposes.
The latter bear names such as “$X token” and “Twitter token,” creating the false impression of links to or authorization by X or Twitter, its previous brand name, and Musk. Investors are lured with claims of incredible price gains in short periods of time. The warning points out that neither the social media network nor its owner have ever launched a digital token.
“And we never will,” responded Elon Musk who bought Twitter for $44 billion last year and is now rebranding it to X. The clickbait media titles often mention the preferred cryptocurrency of X’s ex-CEO and current tech chief, which happens to be dogecoin. Dogecoin has gained significant recognition and popularity as a meme coin, mainly attributed to Musk’s involvement and promotion.
In June, Elon Musk was confronted with insider trading allegations in a class-action lawsuit linked to dogecoin. As a consequence of Musk briefly modifying Twitter’s logo to showcase the meme coin, the price of DOGE soared by 30%, prompting plaintiffs to assert that the change artificially inflated its value. Following this, in July, Musk made the X logo a permanent replacement for the iconic blue bird.
He stated that the Twitter name lost relevance due to the absence of character restrictions and the capability to post extensive videos. He also emphasized his vision for the platform to become a super-app, providing comprehensive communications and the potential to handle users’ entire financial world, without explicitly stating whether cryptocurrencies would be included in that plan.