‘Something Special Coming Soon’; Is Elon Musk Launching ‘X’ Coin?

• 1 Elon Musk denied rumors of launching a native token of the ‘X’ company. 
• 2 At press time, DOGE was trading at $0.07673 with an intraday trading volume of $286,353,208. 
• 3 The Tesla CEO was accused of manipulating DOGE price this year.

Elon Musk, the boss of ‘X’ (renamed from Twitter), disclosed that he is on the path to transform Twitter into a premium digital platform for content creators. Dogecoin and several other cryptocurrencies surged post Musk’s statements. 

After the Twitter logo was replaced with ‘X,’ the possible launch of ‘X’ coin, the native token of the ‘X’ company was widely discussed. Musk denied rumors regarding X coin and asked users to stay connected for further updates.

On July 30, 2023, Elon posted that “Something special is coming soon,” the Twitter post removed friction from Dogecoin, which is now helping memecoin to trade in the upper zone. 

xAI is a “separate company from X Corp.,” an American technology company established by Elon Musk this year as the successor to Twitter Inc. Furthermore, X Corp. will work closely with X (formerly Twitter), Tesla, and other companies, as per the AI startup’s website.

Musk Faces $250 Billion Lawsuit For Crypto Manipulation

A lawsuit against the centibillionaire entrepreneur was filed in June 2022. Since then, it has gone through two amendments, including the recent one, reaching three. The plaintiffs demand a massive compensation of $258 Billion from Musk. 

In March this year, Musk and his company went to court and asked to dismiss the $258 Billion lawsuit. Citing allegations and the amount demanded for compensation, they called it a “fanciful work of fiction.” The future of this lawsuit remains unclear, but it has arguably put a negative spin on the prospects for Dogecoin investors.

Dogecoin Price Analysis 

According to CoinMarketCap, DOGE was trading at $0.07673 at press time with an intraday trading volume of $286,353,208. In the past 24 hours, a surge of 14.18% was seen in the trading volume of Dogecoin. As per volume, it is ranked as the 11th most traded token in the market. 

Conclusion 

Dogecoin price will continue to surge further; a possibility is seen if investors opt to sell DOGE. In the monthly time frame, the DOGE trading price surged over 17%, reflecting renewed positive momentum. 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.