Elon Musk, the chief executive of Tesla, recently quashed speculation about the possibility of Twitter or “X” launching a cryptocurrency. Responding to a Twitter user’s query, Musk categorically stated, “And we never will.” This statement has put to rest all conjectures about a potential Twitter/X Token.
Elon Musk’s Stand on the Twitter/X Token
Elon Musk’s comment came in response to a Twitter user who posted a cautionary message about the absence of any cryptocurrency launched by Musk or “X”. The user urged others to remain vigilant of misleading articles suggesting otherwise. Musk’s response was straightforward and unequivocal: “And we never will.”
The Context of the Twitter/X Token Rumors
The speculation regarding a possible Twitter or X-related cryptocurrency surfaced against the backdrop of a significant rebranding effort by Twitter. Musk’s goal is to transform X into a comprehensive application for all needs. Given Musk’s known fondness for the popular meme-based cryptocurrency Dogecoin (DOGE), it was not surprising that the idea of a Twitter/X Token gained traction.
After acquiring Twitter for a staggering $44 billion, Musk, also known as the “Dogefather”, temporarily replaced Twitter’s iconic blue-bird logo with Shiba Inu, the symbol of DOGE. This move resulted in a 20% increase in DOGE’s value but also led to a lawsuit against Musk worth $258 billion for racketeering and insider trading.
The X Token’s Rise After Twitter’s Rebranding
Interestingly, in the wake of Musk’s announcement about Twitter’s rebranding to X.com, an altcoin named the X token saw an astonishing surge of 1000%. However, it’s important to note that this X token has no connection to X.com. It is part of a project initiated by X, a decentralized NFT marketplace functioning across various chains.
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