Elon Musk Denies "X" Token Plans, Sends Dogecoin Price Soaring – Coinpedia Fintech News
Elon Musk definitively denies “X” company’s plans for a crypto token, sparking a 2% surge in Dogecoin.
Dogecoin currently trades at $0.0752 with a positive sentiment despite a 10% dip in trading volume.
Analysts predict a potential DOGE rally towards $0.1 in the short term.
In a surprising and categorical announcement, tech visionary Elon Musk put to rest speculations about his company “X” venturing into the world of digital currencies. Despite recent debates within the crypto community and claims of fraudulent tokens linked to “X” and Twitter, Musk took to Twitter himself to clarify that his company has no intentions of creating a cryptocurrency token now or in the future, asserting, “And we never will.”
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Dogecoin (DOGE) to the Moon!
The news had an immediate and significant impact on the price of Dogecoin (DOGE), the internet meme-inspired cryptocurrency that has often been under Musk’s spotlight. Within just one hour after Musk’s tweet, DOGE experienced a rapid 2% surge, indicating a strong bullish sentiment among investors.
Presently, Dogecoin is trading at $0.0752, showing a promising 2.7% increase in the last 24 hours. Throughout this period, the token’s price fluctuated between $0.0727 and $0.0747, showcasing a resilient trading range. Despite a slight dip in trading volume by 10% in the past 24 hours, the positive sentiment surrounding Dogecoin continues to bolster its value.
Michael van de Poppe, a respected analyst in the crypto space, remains bullish on Dogecoin’s short-term prospects. He foresees a rally in the coming weeks, with the token’s price potentially moving towards the $0.1 mark.
Read More: Summer Showstopper: Dogecoin Steals the Spotlight with 10% Jump!
Elon Musk’s tweets have been known to wield significant influence over cryptocurrency prices and popularity, and this recent confirmation that “X” will not launch a crypto token has further sparked optimism among DOGE investors. Musk’s stance serves to reaffirm the credibility of the cryptocurrency space, especially when it comes to potential scam tokens trying to capitalize on the tech mogul’s name.
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