Speculation within the cryptocurrency community on X (previously known as Twitter) regarding the introduction of a cryptocurrency token has been put to rest by Elon Musk. Musk has confirmed that X will not be launching any crypto tokens in the future.
Musk put a stop to all rumors through a tweet he posted on Saturday, August 5.
Furthermore, a proponent of Dogecoin and an analyst, @cb_doge, tweeted to their significant number of followers, asking them to be cautious of any news regarding the launch of the X token.
Musk responded and clarified that X would never introduce a cryptocurrency coin.
After Musk’s recent comment, the Dogecoin community is optimistic that it could offer utility and establish itself as a credible payment method on the “X” platform in the future. Musk’s support and advocacy for the meme-based cryptocurrency over the years have earned him the moniker of “self-proclaimed DogeFather.”
This acknowledgment from Musk has created a bullish sentiment among DOGE holders, who are now eagerly awaiting an announcement from X about its potential acceptance as payment for services or subscription on its platform.
According to Santiment data, social dominance, an on-chain metric used to assess an asset’s significance and popularity among users of social media platforms, is a crucial sign of how its holders feel about it. The data indicates an increase in DOGE’s social dominance, which has historically been accompanied by a rise in the meme coin’s value.
Therefore, it is likely that the price recovery of DOGE will be driven by this rise in social dominance. The price of DOGE on Binance increased by 5.5% in the 24 hours following Musk’s tweet, from $0.072 to $0.076.
