Elon Musk: X will never issue native tokens

A user under the pseudonym DogeDesigner warned the community that the social network X (formerly Twitter) and its owner Elon Musk have never issued platform-related crypto assets.

The author of the post cited several headlines about the coin’s thousands-fold rise. In response, Musk said he will never issue digital assets.

On 24 July 2023, Twitter changed its name to “X” and abandoned the iconic blue bird in the logo, opting for a black colour scheme. Musk’s proposed steps will kick off the transformation of the social network into a large ecosystem, akin to WeChat.

Against the backdrop of news about the upcoming update, unknown parties launched on decentralized exchanges a number of tokens under the same brand. Their quotes range from $0.00000026 to $0.21.

Given the billionaire’s affinity for digital assets, especially the meme cryptocurrency Dogecoin (DOGE), many expected the launch of the X token.

In April 2022, he proposed to lower the price of Twitter Blue and provide users the ability to pay for the premium service in DOGE.

In February 2023 the asset price rose in response to a series of Musk’s tweets. The entrepreneur introduced his dog named Floki as CEO of Twitter and a new member of the company’s board.

On April 3, DOGE’s price briefly jumped by 25%, surpassing $0.10. This occurred amid the social network’s logo change to a Shiba Inu dog, the coin’s mascot.

Later, Musk restored the blue bird — the meme cryptocurrency reacted with an 8% drop.

Lawyer Josh Gerben says that X could face a string of lawsuits in connection with the rebranding. He estimated potential litigation costs at $100 million.