Elon Musk addressed the problem of fraudulent tokens claiming to be associated with the social media platform.
As we unpack the most recent news from the mysterious Elon Musk and his social media site, X (formerly known as Twitter), hold your breath. On August 5, Musk issued a clear remark in reaction to a tweet about dubious X and digital currencies powered by Twitter. He made it clear that X had no intentions to introduce any cryptocurrency tokens, putting a stop to rumors that the platform was involved in such endeavors.
Elon Musk responded when a user named DogeDesigner expressed concern about phony tokens like X (X) and TwitterDAO (TWITTER), which fraudulently claim affiliation with the social media behemoth.
And we never will
— Elon Musk (@elonmusk) August 5, 2023
The crypto community was admonished by DogeDesigner to be wary of stories that promoted such tokens and to remember that neither Musk nor X had ever released a cryptocurrency token. Musk guaranteed in a firm response, “And we never will.”
Related: Dogecoin Investors Sue Elon Musk for Insider Trading
Integrating Crypto as Payment
Before making this declaration, Musk had hinted that X would incorporate cryptocurrency as a payment option, which had traders guessing as to which token might be used. His preferred cryptocurrency, Dogecoin, was a front-runner in the eyes of aficionados. However, concerns regarding the potential of a DOGE integration surfaced with the selection of Linda Yaccarino as the new CEO. Nevertheless, recent statements made by Musk have given investors in Dogecoin further cause for optimism.
The world’s users have been captivated by Musk’s big plan to turn Twitter into the all-encompassing platform currently known as X. A thrilling adventure lies ahead after the ambitious aim to relaunch Twitter as the “everything app” was finally realized in July.
The Impact of Musk’s Statement
According to CoinMarketCap, Dogecoin had a jump of almost 2% in just a few hours after Musk confirmed that X won’t pursue crypto tokens. The cryptocurrency world is agog at the announcement, eager to see what the future holds for both X and Dogecoin.
![Elon Musk Denies Plans for Crypto Token, Warns of Scams image 31](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-31.png?resize=1024%2C446&ssl=1)
![Elon Musk Denies Plans for Crypto Token, Warns of Scams image 31](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-31.png?resize=1024%2C446&ssl=1)
Keep an eye out for more updates as the X tale develops. Elon Musk’s imaginative leadership will lead to exciting twists and turns in the cryptocurrency industry. We’ve only just started our voyage, so who knows what surprises are ahead!
Related: Why is Dogecoin price bullish today?