According to the latest updates, Elon Musk has stated that he has no intention to introduce crypto tokens as a reply to a tweet by DogeDesigner on Saturday, Aug. 5, discussing dubious X and Twitter-based digital currency.
Elon Musk Addresses Cases of Scam Tokens
Elon Musk addressed the issue of fraud tokens like X (X) and TwitterDAO (TWITTER) falsely claiming connections to his social media platform X (formerly Twitter) through his social media network X which used to be Twitter. Notably, ‘DogeDesigner‘ had previously warned crypto users to beware of news concerning fake coins and highlighted that neither Musk nor X had actually released a crypto token.
Dogecoin’s Price Increased
According to CoinMarketCap, the price of Dogecoin increased by more than 2% in just a couple of hours after Musk confirmed that his company has no plans to introduce a crypto token.
There were some questions raised about the prospect of a DOGE incorporation following Linda Yaccarino’s appointment as the new CEO, who provided details regarding X in a tweet on 23 July.
Elon Musk’s Commitment to Dogecoin
Nonetheless, Elon Musk’s prior comments brought back optimism amongst Dogecoin speculators. The cofounder of six different companies has been reported that he had given his programmers directions in February of this year to create the platform’s payment methods in the manner that will enable the adoption of crypto capabilities in the years to come. The news of the initiative came after Elon Musk revealed in December that he planned to establish his own cryptocurrency, the Twitter Coin.
Twitter Transforms into X
Last month, Twitter head announced that Twitter, now X Corp, was going to be transformed to “X” as its initial move for its impending development as a “everything app.” According to Musk’s several tweets and a vote, the revamp might involve switching the platform’s color schemes to black, deleting the blue bird emblem, and renaming it X, and this proves accurate.