Elon Musk Denies Creating X-Token, Twitter Scams Abound

X crypto’s are scams

Evidence of scams related to cryptocurrencies on Twitter has been circulating ever since Elon Musk acquired the social media platform in 2022 and renamed it as X. However, Musk himself has clarified that Twitter will never introduce its own cryptocurrency, debunking the existence of any “X-token”. In fact, various tokens claiming to be associated with X are fraudulent.

Musk’s denial on Twitter scams

DogeDesigner, a prominent Dogecoin investor, has highlighted the emergence of these scams, cautioning users to be skeptical of such articles. Musk responded by affirming that no such token will ever be released under the X name.

“And we never will.”

— Elon Musk (@elonmusk) August 5, 2023

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With Musk’s recent decision to rebrand Twitter as X, numerous tokens with “X” in their name have appeared. However, these tokens are also scams, including Twitter CEO Floki (FLOKICEO), CryptoTwitter (CT), TWITTER, and TwitterX (TWITTERX). It’s important to exercise caution, as meme coins have often fallen victim to rug pulls.

Musk’s connection to Dogecoin

Musk’s interest in cryptocurrencies, particularly Dogecoin (DOGE), has been well-known. Since taking over Twitter, there have been rumors that Musk holds a large portion of Dogecoin’s circulating supply. Dogecoin supporters have been eagerly awaiting the integration of Dogecoin’s blockchain on Twitter, a move that would allow users to make payments in Dogecoin. Although the creation of a Twitter-branded token has been ruled out, the possibility for Dogecoin to find further utility on the platform remains open. Following Musk’s comments, the price of Dogecoin experienced a slight increase, currently trading around 2.5% higher.