Elon Musk Denies Crypto Token Launch for X and Twitter

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In a surprising announcement, tech mogul Elon Musk declared that his company “X” will never release a cryptocurrency token. However, Dogecoin’s price surged by over 2% within an hour, indicating investors’ bullish sentiment.

Elon Musk Denies Crypto Token Launch for X and Twitter

In a recent tweet, Musk categorically stated that X, the highly innovative firm known for its groundbreaking ventures, has no plans to create its own digital currency. This announcement was made in response to a post regarding doubting X and Twitter crypto tokens. 

Earlier this month, DogeDesigner published a post warning investors about scam tokens, which has sparked an extensive debate within the crypto community. Elon Musk addressed the issue of scam tokens such as $X and $TWITTER, which falsely claimed links to the social media giant. 

Musk firmly clarified that neither he nor his company X has ever launched a cryptocurrency token, and they have no intentions of doing so in the future. In response, Elon Musk quickly declared, “And we never will.”

Dogecoin Surges as Elon Musk Denies Crypto Token Launch

In a significant market reaction, the price of Dogecoin (DOGE) experienced a rapid 2% jump within hours after Elon Musk confirmed that he has no intentions of launching a crypto token.

At present, DOGE is trading at $0.0752, registering a 2.7% increase in the last 24 hours. The token’s price fluctuated between $0.0727 and $0.0747 during this period. Although the trading volume has dipped by 10% in the last 24 hours, the positive sentiment continues to bolster the token’s value.

Michael van de Poppe, a well-known analyst, is bullish on Dogecoin’s short-term prospects. He predicts a rally in the coming weeks, projecting the token’s price to move toward $0.1.

Elon Musk’s influence on Dogecoin’s price and popularity has been evident in the past, and this latest confirmation that he won’t launch a crypto token has sparked optimism among DOGE investors.