Tesla CEO Elon Musk and owner of social media platform Twitter — now rebranded as X — appeared to put an end to recent speculation of X issuing its cryptocurrency token, in a tweeted reply Saturday to another user on the platform.

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Fast facts

  • On Friday, a member of the online Dogecoin community known as “DogeDesigner” tweeted that X and its owner Elon Musk were yet to launch a cryptocurrency. The user also advised caution against scam claims that the platform had already begun development of its own token.
  • Musk replied to the tweet, saying “and we never will.”
  • Verified X user @nobrainflip, an account with over 34,600 followers, wrote Wednesday that an X cryptocurrency has been confirmed, and that it will allow content creators on the platform to monetize views. 
  • There has been increasing market chatter surrounding a possible “Twitter coin” following Musk’s acquisition of the social media platform, possibly stemming from Musk’s heavy involvement in discussing and utilizing cryptocurrencies. Neither Musk nor X has made an official announcement about launching the platform’s own crypto token.
  • Twitter dropped its iconic blue bird logo and rebranded into X on July 23. Musk explained that the platform will add “comprehensive communications” and the “ability to conduct your entire financial world.”
  • The price of Dogecoin fell 1.67% in the last 24 hours as of 10:20 a.m. on Monday in Hong Kong, according to CoinMarketCap data. Musk openly endorses the memecoin, and his comments about the token on several occasions have boosted its value. Musk’s Tesla also started accepting Dogecoin as payment in 2021.

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