Elon Musk has shut down rumors that his X platform plan to launch an X token as part of the X ecosystem as certain media outlets had reported about $X and $TWITTER tokens giving the impression that they were linked to the social media giant.
No X Token Now Or Ever
On August 4, an X user who goes by DogeDesigner (a prominent member of the Dogecoin community), tweeted that Elon Musk and X had not launched an X token and warned the crypto community of falling for the articles on the scam tokens.
He said: “Elon Musk and 𝕏 never launched a crypto token. Be careful of such articles. ” In reply to this tweet, Musk tweeted: “And we never will.”
Musk’s comments also follow dashed hopes that the social media platform would be launching a ‘Twitter Coin’ that spread like wildfire across the crypto community last year. However, with the platform’s rebrand to X, all expectations of a ‘Twitter Coin’ have since been laid to rest.
Renewed Hope For The Dogecoin Community
While it may not be significant that a member of the Dogecoin community (DogeDesigner) pointed out the falsity of the X token rumors, Musk’s admission that there will never be an X token further signaled a bullish sentiment for members of the Dogecoin community.
A report by the Financial Times stated that part of Twitter’s plans for its payment feature was to support fiat currencies initially but also to accommodate the possibility of including cryptocurrencies should the opportunity arise.
This, alongside Musk’s fondness for digital assets, made the crypto community speculate on whether Twitter (now ‘X’) would launch its token or integrate his favorite Dogecoin into the platform.
DOGE price jumps 2% following Musk's tweet | Source: DOGEUSD on Tradingview.com
However, Linda Yaccarino’s appointment as the new X CEO seemed to have raised doubts in the Doge community about the possibility of a DOGE integration on the X platform. But now, Musk’s comment seems to have revived those hopes.
The Dogecoin community believe that in the absence of an X token, DOGE could become accepted by “X” as the token of first choice for users that would like to make payments for subscription or other services on the platform with crypto.
This could become a reality as Elon Musk has long supported the token, including referring to himself as “The DogeFather” in a 2021 tweet. Furthermore, Musk has often made cryptic tweets related to Dogecoin.
There was also a time when the blue bird logo on X’s homepage and loading screen was replaced with a Shiba Inu image closely associated with the meme coin DOGE.
In usual fashion, Dogecoin’s price reacted to Musk’s tweet confirming that he had no intention of launching an X token, seeing an increase of over 2% hours after. DOGE is still up in the last 24 hours, trading at around $0.07599, according to data from CoinMarketCap.
Featured image from International Business Times, chart from Tradingview.com