Elon Musk has stated emphatically that he and platform X, formerly known as Twitter, will not launch crypto tokens.
Musk’s comments are part of a reply to a tweet by user X with the account @DogeDesigner, who warns that Elon Musk and 𝕏 have never launched a crypto token. Musk replied to the tweet by writing, “And we never will.”
The @DogeDesainer upload, which has 240,000 users, was shortly after several media released news about the TwitterDAO token which had increased by more than 10,000%.
After investigation, the token has nothing to do with the social media owned by Elon Musk.
TwitterDAO itself has seen a price drop of over 90% on August 3rd and is showing all signs of a pump and dump scheme.
This can be seen from the price movement on CoinMarketCap which shows that the token price reached US$0.0001193 on Friday afternoon (3/8). Shortly thereafter, the price was US$0.000018, then dropped drastically to US$0.0000052931.
Despite Musk’s clear disapproval of the idea of a crypto token 𝕏 from Musk, this doesn’t mean he’s offering any condemnation or disapproval of crypto or related features in future apps 𝕏.
Elon Musk and Crypto
Historically, Musk is known to have positive sentiment towards crypto assets, especially with Dogecoin (DOGE). Prior to rebranding Twitter as 𝕏, Musk had previously replaced Twitter’s iconic blue bird logo with the image of the Shiba Inu dog that became Dogecoin’s trademark.
That caused DOGE to jump 20%, which resulted in a US$258 billion lawsuit against Musk over alleged insider trading and blackmail.
