Has the value of the meme coin XAI seen a substantial decline due to Elon Musk’s denial of any token connection? Indeed, Musk’s recent comments distancing himself from this particular token have resulted in a notable market reaction. He declared unequivocally that none of his companies would ever venture into creating a crypto token, which led to a significant drop in XAI’s value.
Musk’s Denial and Market Impact
Elon Musk, the tech billionaire, recently responded to growing speculation about his affiliation with the surging meme coin XAI. His statement on X, formerly known as Twitter, made it clear that none of his companies, including his AI startup xAI, would ever generate a crypto token. This Elon Musk denies token connection announcement has had a significant impact on XAI’s market performance.
Since Musk’s statement, CoinMarketCap data reveals that XAI has been grappling to escape the red zone, with the token’s value depreciating by 12.73% in the past week. In the last 24 hours alone, XAI has lost over 8% of its price.
Previous Instances of Musk’s Crypto Disavowal
This is not the first instance of Musk ruling out the creation of a crypto token by any of his companies. He made a similar statement in August, dispelling rumors of X potentially launching a crypto token. Speculation had been rife about the billionaire integrating Dogecoin as a payment option on the platform.
Despite these statements, Musk has disclosed that he holds Bitcoin, Ether, and Dogecoin. Additionally, his company, Tesla, has around $184 million in digital assets, as revealed in the company’s last quarterly report.
Dogecoin’s Market Performance
Meanwhile, Dogecoin, a meme coin often linked with Musk, has managed to recover following a dip that occurred in the wake of Musk’s statement. The token has seen a 1.74% increase in the past 24 hours and is currently trading at $0.07352.
For those interested in monitoring the ongoing market fluctuations and trends, the cryptoview.io application provides a comprehensive platform for tracking and analyzing digital asset performance.
