There will be no X tokens. Elon Musk denied the rumors after the Twitter pumpDAO
Date: 2023-08-07 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Elon Musk said that Twitter never had and never will have its own cryptocurrency, and the TwitterDAO token that soared the day before is just an uninvited "namesake"
The head of Twitter denied rumors that the social network had issued its own token. Moreover, he emphasized that he does not plan to create his own cryptocurrency, and all matches with tokens already existing on the market are random.
The Rise and Fall of TwitterDAO
On Thursday, August 3, a BEP-20 standard token called TwitterDAO appeared on the market. By Friday, the newborn cryptocurrency, available only in the WETH pair on small decentralized exchanges, entered the pump phase and rose in price by almost 12,000% in less than a day. The price of the token rose from $0.00000546 to $0.0001193 and began to fall. The dump turned out to be even more rapid - in just an hour, the value of the coin almost reset to zero.
A rapid rise in the price of an asset, followed by an equally rapid fall, is usually the result of market manipulations known as “pump and dump” or “pump and dump”.
Elon is nothing
In 2022, Elon Musk bought Twitter (after rebranding in July 2023, the name changed to “X”), since then there have been rumors on the market that the social network will soon have its own cryptocurrency. The online community of crypto enthusiasts have long idolized the billionaire and consider him an informal visionary of the Dogecoin (DOGE) memcoin.
Musk's comments and tweets about this coin often provoke sharp price fluctuations. Because of this, he was even sued, accusing him of market manipulation and insider trading. However, recently its influence on the DOGE rate has been weakening.
There will be no X token
There has never been an official statement to support the idea that Twitter could issue its own coin. However, after Musk rebranded the platform, turning it into X, this theory has received a new development.
For example, one of the users of the platform, known by the nickname cyclops, erroneously wrote in a microblog that the release of the “$X” coin was confirmed.
This account has 34,000 followers, which he gained mainly through retweets of news about airprops. However, other users, not bothering to fact-check, picked up the cyclops claim, and within a week the rumor had spread across the web.
On Saturday, Musk commented on the message on social media and urged not to believe the news about the existence of officially approved cryptocurrencies "Twitter" / "X".
Musk's attention was brought to his attention by an account called DogeDesigner, who pointed out tweets about TwitterDAO and non-existent X tokens. He warned his followers that Elon Musk and the social network had never issued a cryptocurrency.
“And we never will,” Musk added.
In four words, the owner of “Twitter”/”X” dispelled rumors about a potential X token. His comment is likely to stop further speculation on this topic, but the real consequences of such a strong statement by Musk are not yet clear. It is possible that cryptocurrency projects will continue to use his personal brand and the brand of his companies.
Twitter/X are not the only brands associated with Musk that have tried to link to crypto projects. For years, developers have used the Tesla and SpaceX names to promote their coins.
This trend may continue as long as Musk remains a well-known public figure, especially popular with memcoin fans.
