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Even with swirling rumors and speculations, Elon Musk, the tech tycoon behind electric cars and space explorations, clarified his stance on the future of his rebranded social media platform, X. On Saturday, August 5, addressing concerns raised by a digital artist known as DogeDesigner, Musk firmly stated that the company has never considered releasing its own cryptocurrency and emphasized that they never will.
Musk's words came as a reaction to rampant misleading articles promoting scam tokens with names echoing the likes of X and another called TwitterDAO. DogeDesigner's online caution to the crypto world was evident, pointing out that no official link exists between these tokens and the tech magnate or his platform.
Elon Musk, in the past, had stirred the waters by hinting at the possibility of incorporating crypto-based payments on X. Such hints left traders and crypto enthusiasts in a quandary, trying to deduce whether Musk would roll out a specific digital currency or continue supporting his long-time favorite, Dogecoin.
The landscape seemed even more uncertain when Linda Yaccarino took the helm as X’s new CEO. Questions began surfacing about whether Dogecoin would still have a place in Musk’s grand plans. However, recent revelations from Musk himself seem to tilt the scale back in favor of the popular meme coin.
Rewinding a bit, Musk’s grand redesign of Twitter into the multifunctional platform dubbed X, tagged as the "everything app", was a significant shift in the social media space. The shift was made official this past July.
Interestingly, as Musk's intent to stay clear of introducing a new crypto token came to light, Dogecoin's value saw a surge. CoinMarketCap reported a spike of over 2% in just a few hours following Musk's announcement.
