Elon Musk Says X Will Never Launch A Crypto Token, Bullish For Dogecoin?

X will never launch a crypto token, Elon Musk said on Saturday in a reply to a post on dubious X and Twitter crypto tokens. Elon Musk revealed plans to turn Twitter into X – An Everything App and already started working on it by fully changing Twitter’s name to X last month. Musk’s reply on crypto token pumped Dogecoin price by 2% in an hour.

Elon Musk Clears Air On X and Twitter Tokens

Elon Musk responded to a post by DogeDesigner on August 5 to clear the air on scam tokens such as $X and $TWITTER claiming links to the social media giant.

DogeDesigner warned the crypto community to remain careful of some articles on scam tokens. He said Elon Musk and X never launched a crypto token. Elon Musk responded by saying, “And we never will.”

And we never will

— Elon Musk (@elonmusk) August 5, 2023

Elon Musk has earlier hinted at integrating crypto into the platform for payments, traders speculated whether he will launch a specific crypto token or use his favorite Dogecoin. While the appointment of Linda Yaccarino as the new CEO weakened the Dogecoin integration thesis, the new comment by Musk renewed bullish sentiment.

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Dogecoin Price Jumps

Within hours, the price of Dogecoin jumped more than 2% after Musk confirmed that he has no plan to launch a crypto token.

DOGE price climbs 3% in the last 24 hours, with the price currently trading at $0.075. The 24-hour low and high are $0.0727 and $0.0747, respectively. However, the trading volume has decreased slightly by 10% in the last 24 hours.

Popular analyst Michael van de Poppe predicts Dogecoin price to rally in the coming weeks as it looks to move toward $0.1.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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