Elon Musk, the CEO of X (formerly known as Twitter), is pushing back on rumors that the social media platform is set to launch its own token. 
Should Doge supporters expect to see the memecoin debut on Twitter anytime soon? 

Elon Musk might be launching a cryptocurrency token on the microblogging platform X. This is according to investors and traders in the cryptocurrency community, most of which saw a rise in the number of “X” tokens.

However, Elon Musk has taken to the platform to quickly debunk these claims, and clarify his stance on digital currencies being launched on X.

The billionaire explained that X has no interest in launching any digital asset in the near term. Musk also made it clear that the platform will not be open to it in the future.

His response comes after some media outlets published stories suggesting that X was in fact working towards creating a new token. “Not Doge But X token: Elon Musk’s $X Token Confirmed..” one new article read, while another was titled “Twitter Token is Up 10.000% in 24 Hours..”

In the first article, the author explained that a Twitter user disclosed that Twitter’s revenue shares will make it possible for creators on the platform to profit from their tweets and content in general.

The author further stated that the introduction of the X coin could bring “new layers of monetization opportunities for content creators.” In the second piece, the author seems to be referring to TwitterDAO (TWITTER) as the Twitter token, and not “X”.

Dogecoin might not be debuting on X anytime soon

Market players reacted similarly to Musk’s response. Most of the responses were positive, however, some Dogecoin investors are still hopeful that Musk will introduce a “DogeX” type of asset to the market.

Notably, Elon Musk previously spoke about Dogecoin and teased the possibility of the asset being integrated as a payment option on the platform.

Back in January, Elon Musk hinted that Dogecoin might make its way into Twitter and reach a wider audience on the platform. According to a report from The Financial Times, Elon Musk was planning to add a payment system to Twitter.

The goal was to create a new revenue stream for Twitter. The platform was also applying for regulatory licenses and building software required to launch payments on the app.

Following the report, Dogecoin saw a decent spike in its price value, as the asset soared by 10%. While Musk didn’t specify on what assets will debut on the platform, he affirmed that digital currencies could also launch on the platform. For the most part, Musk wants payments to be made in fiat currencies, but a crypto functionality could be in the works.

However, with the changes being carried out on the platform, and with Musk’s most recent response, digital currencies might not be the top priority for the billionaire at this time.

Additionally, Dogecoin proponents who expected the memecoin to launch on Twitter as a payment option, and potentially witness a price pump as a result, might have to exercise patience.

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Filed under: Bitcoin - @ August 7, 2023 12:20 pm