In a recent development, Elon Musk has put to rest the swirling rumors regarding the potential launch of an X/Twitter crypto token, emphatically asserting that he harbors no intentions of creating such a digital currency.

This clarifying statement comes on the heels of a particularly volatile episode involving the TwitterDAO coin, which witnessed a dramatic surge followed by a subsequent collapse in value over the course of a weekend. Despite its name drawing a clear connection to the social media behemoth, Twitter has not extended its endorsement to the said token in any manner.

Elon Musk, the proprietor of the platform, responded to the burgeoning discussions about this issue by firmly affirming that neither he nor his platform have initiated the creation of a cryptocurrency, nor do they harbor any intentions of doing so in the foreseeable future.

The Roller Coaster Ride of TwitterDAO Coin Making its debut on August 3, the TwitterDAO token operates on the BEP-20 standard and can exclusively be traded for WETH on decentralized exchanges. However, it didn’t take long for the token to display all the telltale signs of a classic pump and dump scheme.

In an astonishingly short span of merely ten hours, the value of the token surged by an eye-popping 11,800%. Yet, in a reflection of its rapid ascent, the token’s price subsequently nosedived almost to the point of being nearly worthless.

Analyzing the trading data illuminates that the token reached its peak value at $0.0001193 before undergoing a significant dump, which caused its value to plummet to $0.000018. Ultimately, the token concluded the day with a trifling value of $0.0000052931.

Elon Musk’s Influence on Cryptocurrencies Speculation revolving around Elon Musk’s potential involvement in the creation of a cryptocurrency tailored for use on Twitter/X has been circulating ever since his acquisition of the platform in 2022.

Musk’s intrigue with the realm of digital currencies becomes apparent through his embracing of the moniker “Dogefather,” a term that has endeared him to enthusiasts of Dogecoin (DOGE). This association, however, has also led to legal scrutiny, including allegations of market manipulation and insider trading.

Putting Rumors of X Token to Rest While theories that Twitter might introduce its own cryptocurrency have never been officially substantiated, the rebranding of the platform as “X” fanned the flames of these speculations.

For instance, a Twitter user going by the handle “cyclops” erroneously tweeted about the confirmation of an “$X” coin. Despite having a relatively modest following, this assertion gained remarkable traction over the week as other users amplified the rumor.

Elon Musk Steps In to Clarify Elon Musk addressed the growing speculations by responding to a social media post that cautioned individuals against trusting news articles that propagated the existence of officially endorsed Twitter/X cryptocurrencies.

In a tweet by an account named “DogeDesigner,” which directed its followers to reports about TwitterDAO and the nonexistent X tokens, Musk swiftly intervened. The tweet underscored the unreliability of believing that “Elon Musk and X have never launched a crypto token.” Musk’s succinct rejoinder—”and we never will”—firmly dispelled any lingering notions of an impending X token launch.

Musk’s proclamation is likely to conclusively quell discussions regarding the potential of an X token. Nevertheless, its impact remains to be seen, as crypto projects have occasionally leveraged his public persona and the companies under his ownership to gain attention.

The Trend of Celebrity Influence in Crypto The phenomenon of leveraging high-profile figures and their brands to attract attention to unrelated tokens has extended even to brands associated with Musk, such as Tesla and SpaceX. This trend might persist as long as Musk’s influence continues to wield significant power within the crypto and meme coin communities.

In conclusion, the recent clarification by Elon Musk that he has no plans to launch an X/Twitter crypto token has put to rest the rumors that had been circulating. The tumultuous journey of the TwitterDAO coin and Musk’s broader influence on the crypto landscape showcase the dynamic and often unpredictable nature of the digital currency market. As the crypto world continues to evolve, it will be fascinating to observe how such high-profile personalities and their associations shape its trajectory.