- Scam cryptocurrencies like $TWITTER and $X claimed ties to Twitter.
- Elon Musk replied to Doge Designer on Twitter, refuting the affiliation.
- Dogecoin has continued trading in a descending triangle since last month.
Dogecoin fans were relieved to hear that Elon Musk’s X vision doesn’t include a new token, which would likely take Dogecoin’s place in the grand scheme of the all-in-one application. Revealed on Saturday in reply to Doge Designer, Musk stated that X Corp, previously known as Twitter, isn’t interested in launching a native crypto token.
No X Token – Great News for DOGE?
Clearing the air on scam tokens and disinformation spread by fintech media outlets Crypto News and Captain Altcoin helped the Crypto Twitter audience clarify a few things. Firstly, a significant role for Dogecoin, plausibly even the centerpiece of X’s financial system, is still on the cards.
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Secondly, members of the DOGE Army, including well-known developers and designers, support Twitter’s transition into X – this is evident by a flurry of light-hearted memes linking $DOGE to X. DOGE holder ItsAllRisky explained that “memes are the best way to onboard folks to a new financial system because memes are shared nodes of experience.”
Dogecoin continues to trade in phased consolidation, signaling indecision between crypto bulls and bears. To illustrate, $DOGE comfortably holds above the seven-cent support line after a solid month with double-digit gains.
However, DOGE got rejected before making it to the eight-cent resistance and hit a seven-day high of $0.079555 on July 31st, 2023. Facing price correction afterward, $DOGE has to come to terms with a 6.5% weekly drop and being 1% in the red for the last 24 hours. At press time, the top canine coin is changing hands at $0.074104, according to CoinGecko.
On The Flipside
- Crypto traders deemed Dogecoin’s integration unlikely when Linda Yaccarino joined the team.
- However, the new CEO of Twitter follows SHIB Token’s official account, sparking speculation.
Why This Matters
Dogecoin’s integration into X would significantly boost crypto adoption.
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