Tech superman Elon Musk stomped out any chances of Twitter (or X) establishing its own cryptocurrency token after years of wild speculation and frenzied tea-leaf reading by cryptocurrency enthusiasts, and Dogecoin enthusiasts in particular.
The news was revealed in a message to another user, not in an official statement or even a Twitter post.
User @DogeDesigner, who has 240,000 followers and multiple previous encounters with both Musk and now-CEO of X Linda Yaccarino, cautioned that “Elon Musk and X never launched a crypto token.” The tweet made a misleading claim by including an image of headlines from news articles.
Musk’s severe one-liner in response was, “And we never will.”
Despite this blatant rejection of a Twitter-led cryptocurrency, which comes in the midst of a significant rebranding initiative, it is not an unequivocal rejection of cryptocurrency support or related features in a future X “everything app.” Additionally, Musk’s prior experience with digital assets may raise additional questions.
Dogecoin (DOGE), a memecoin that was created as a joke to get the cryptocurrency community to stop taking itself so seriously, is the subject of Elon’s fervent devotion.
The self-described “Dogefather” gained notoriety when he paid $44 billion for Twitter last year. Shortly after, he replaced the iconic blue-bird logo with an image of the Shiba Inu dog that represents Dogecoin, which caused the token to soar by 20% and earned the billionaire a $258 billion lawsuit for alleged insider trading and racketeering.
After cryptic, Dogecoin increased by 9%. Elon Musk links DOGE and X in a tweet.
He has, in fact, sent the crypto community a lot of contradictory signals throughout the years.
Doge developers exclusively revealed to Decrypt in 2021 that they had been working with Musk to create a less expensive, more environmentally friendly alternative to Bitcoin for years. And early this year, reports claimed that the corporation was developing a solution to allow cryptocurrency payments, although it wasn’t clear which token would be used.
Crypto enthusiasts can definitely count out a TwitterCoin or an XCoin for the time being, but Musk’s next move might still involve cryptocurrencies.