Elon Musk debunks scam token claims

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Elon Musk has stated that his social media platform X (formerly Twitter) has no plans to launch crypto tokens in response to a post regarding questionable X and Twitter-based digital currencies on Saturday, Aug. 5.

In response to a post by DogeDesigner, Musk addressed the issue of scam tokens like X (X) and TwitterDAO (TWITTER) falsely claiming connections to the social media platform. DogeDesigner had cautioned the crypto community about being cautious with articles related to scam tokens and clarified that neither Musk nor X had ever launched a crypto token. In his reply, Musk asserted, “And we never will.“

Previously, Musk had dropped hints about integrating cryptocurrency as a payment option on X. Traders were left wondering whether he would introduce a particular crypto token or stick with his favorite — Dogecoin (DOGE).

However, with the appointment of Linda Yaccarino as the new CEO, some doubts arose regarding the likelihood of a DOGE integration. Still, recent comments from Musk have revived optimistic sentiments among Dogecoin investors.

Musk recently announced his ambitious vision of transforming Twitter into an all-encompassing platform known as X, the so-called “everything app,“ officially rebranding Twitter to X in July.

Related: Agence France-Presse sues Elon Musk and X/Twitter over compensation for news

Following Musk’s confirmation that he has no intention of launching a crypto token, the price of Dogecoin experienced an increase of over 2% in a matter of hours, according to CoinMarketCap.

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