Elon Musk Declares X Will Never Launch Its Own Crypto Token
On August 4, 2023, Elon Musk responded to a user on his social media platform, declaring that X (formerly Twitter) will “never” launch its own cryptocurrency. The user had warned others about fake tokens or memecoins claiming to be associated with X. Musk clarified that he and X have never launched a crypto token and have no intentions to do so.
Main Breakdowns:
- Musk’s response to a user’s warning: A user cautioned against falling for fake tokens or memecoins claiming to be official X-sanctioned crypto projects. Musk replied to this warning, stating that X has never launched its own crypto token and never will.
- Existence of low-cap tokens associated with X and Musk: There are several tokens with names that associate themselves with X, Twitter, or Musk. Examples include X/TWITTER, ELON BUYS TWITTER (EBT), CryptoTwitter (CT), TWITTERDOGE (TDOGE), and more.
- Musk’s association with Dogecoin: Musk has been closely associated with the memecoin Dogecoin. He once changed Twitter’s logo to the Dogecoin logo, resulting in a 27% surge in the coin’s price at that time.
It is not surprising that there are tokens trying to capitalize on the association with X and Musk. However, Musk’s clear statement that X will never launch its own crypto token provides clarity to the crypto community. This reaffirms that any tokens claiming to be official X projects are not legitimate. Musk’s association with Dogecoin also highlights his influence in the crypto space.
Hot Take:
Musk’s declaration that X will never launch its own crypto token is a significant statement in the crypto world. It emphasizes the importance of verifying the legitimacy of tokens and avoiding scams. With Musk’s association with Dogecoin, it will be interesting to see how his involvement in the crypto space continues to impact the market.
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