Elon Musk recently responded on his social media platform stating that X (formerly known as Twitter) has no intention of creating its cryptocurrency. Musk’s comment came after a user named @cb_doge warned others about tokens or memecoins pretending to be crypto projects associated with X as well as news articles mentioning them.
In response to the users remark that Elon Musk and X have never launched a crypto token Musk affirmed, “And we never will.” It may seem strange that there are low cap tokens with names related to X, Twitter or Musk existing in the market such as X/TWITTER ELON BUYS TWITTER (EBT) CryptoTwitter (CT) TWITTERDOGE (TDOGE) and many more.
The Impact on the Crypto Landscape
Musk has been a long time supporter of Dogecoin, a memecoin. At one point he even changed Twitter’s logo to the Dogecoin logo, which resulted in a 27% increase in the coin’s value at that time. With Musk’s statement investors and enthusiasts are adjusting their expectations and recognizing that X will not be entering the token market. This news could potentially reshape the landscape by redirecting attention and investment, towards projects and tokens.
