Benzinga - In an effort to end ongoing rumors, X (formerly Twitter) owner Elon Musk has unequivocally denied the existence of an internal token for the platform.
What Happened: On Thursday, Musk was responding to a news article by a user called X News Daily, which suggested that X might be considering the introduction of an X coin specifically designed for creators.
According to the post, users would receive these coins, contributing to the accumulation of diamonds. These diamonds could then be converted into real money for creator payouts.
Musk replied, “No.”
No— Elon Musk (@elonmusk) August 31, 2023
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Why It Matters: This is not the first instance where Musk has dismissed the idea of an X token. On August 5, Musk responded to a DogeDesigner post addressing the issue of scam tokens, such as X and TwitterDAO (TWITTER), falsely claiming affiliations with the social media platform.
DogeDesigner raised concerns within the crypto community, urging caution regarding articles related to scam tokens and emphasizing that neither Musk nor X had ever initiated any form of a crypto token. In response, Musk made it abundantly clear that the platform had no intentions of pursuing such endeavors, stating, “And we never will.”
https://twitter.com/cb_doge/status/1687659637611565056/
This comes as X has been granted a license to provide cryptocurrency wallet services within Rhode Island. According to a filing, the Currency Transmission License empowers X to lawfully extend its services, including crypto payments and trading in the Ocean State.
Dogecoin (CRYPTO: DOGE) supporters believe that this could pave the way for DOGE adoption on the platform.
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