Elon Musk confirmed on Saturday that X will not launch a crypto token in response to a post about questionable X and Twitter crypto tokens.
Musk also shared his intentions to transform Twitter into X, an all-in-one application, as evident from the recent change of Twitter’s name to X.
Following Musk’s statement on the crypto token, the price of Dogecoin surged by 2% within just one hour.
On August 5, Elon Musk responded to a post by DogeDesigner to address concerns about scam tokens like $X and $TWITTER, which falsely claimed connections to the popular social media platform. Musk clarified the situation to clear any confusion surrounding these tokens.
DogeDesigner cautioned the crypto community to be vigilant about certain articles promoting scam tokens. In response, Elon Musk stated clearly that neither he nor X ever launched a crypto token, and he emphasized that they have no intention of doing so in the future.
Beforehand, Elon Musk hinted about the possibility of incorporating cryptocurrency for payments on his platform, which led traders to speculate whether he would create a new crypto token or utilize his favorite, Dogecoin.
However, when Linda Yaccarino was appointed as the new CEO, some thought that it might weaken the possibility of Dogecoin integration. Nevertheless, a recent comment by Musk has revived optimistic feelings among traders.
Dogecoin price surges
Within hours of Musk’s confirmation that he won’t launch a crypto token, the price of Dogecoin rose over 2%.
Currently trading at $0.075, DOGE has climbed 3% in the last 24 hours, with its lowest and highest points at $0.0727 and $0.0747, respectively.
Despite a slight 10% decrease in trading volume during the past 24 hours, renowned analyst Michael van de Poppe foresees a potential rally for Dogecoin in the coming weeks, aiming for $0.1.
Dogecoin Price Chart. Source: Michael van de Poppe
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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