Last updated on August 8, 2023
Tech investor Elon Musk has made it clear that his social media platform, X (formerly known as Twitter), will never launch its own cryptocurrency token. Musk’s statement comes in response to a user’s warning about fake coin projects using Musk’s name and that of the platform for fraudulent purposes.
Addressing the issue, Musk categorically rejected the idea of X issuing a token. This comes after users reported articles promoting non-existent tokens such as the “$X token” and “Twitter token,” falsely claiming association with X, its previous brand name Twitter, and Musk himself. These articles attract investors by promising significant profits in short periods of time.
Elon Musk and X have never launched a crypto token. Be careful of such articles. pic.twitter.com/tZqfwMMm2X
— DogeDesigner (@cb_doge) August 5, 2023
Musk clarified that neither X nor himself have ever launched a digital token and stated that they never will. Musk acquired Twitter for $44 billion last year and is currently rebranding it to X.
The misleading media titles also reference dogecoin, the favorite cryptocurrency of X’s former CEO and current tech chief. Dogecoin (DOGE) has gained popularity as a meme coin largely due to Musk’s association with it.
In June, Musk faced accusations of insider trading in a class-action lawsuit related to dogecoin. The price of DOGE surged by 30% when Musk temporarily changed Twitter’s logo to feature the meme coin’s logo, leading to claims that the change artificially inflated its price.
Musk permanently replaced Twitter’s iconic blue bird with the current X logo in July. He explained that the name “Twitter” no longer makes sense since the platform now allows users to post messages and even large videos without character restrictions.
Musk also revealed his plans to develop X into a super-app, offering comprehensive communications and the ability to conduct the user’s entire financial world. However, he did not specify whether this would include cryptocurrencies.
What are your thoughts on Elon Musk’s decision not to launch an X token? Share your opinions in the comments section below.
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Keyphrase: Elon Musk confirms X will never launch its own cryptocurrency token
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