Dogecoin Community Hyped: Musk Denies Making New Coin for X

Elon puts new token rumours to rest, sparking the DOGE Army’s enthusiasm for the brightly-shining X.

Doge meeting his fans in a futuristic land. Elon musk showing X sign.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.