Dogecoin Price Skyrockets After Elon Musk Denies “X” Token Plans

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Elon Musk has put to rest recent rumors that his company ‘X’ is exploring the world of digital currency. He took to Twitter to make a categorical and surprising announcement, clarifying that his company has no intention of creating a crypto token, either now or in future. “And we never will.”

The news has had an immediate and significant effect on the price of a product. Dogecoin, the internet meme inspired cryptocurrency, has been frequently undervalued, but has been thrust into the spotlight by Musk’s tweets. Within an hour of the statement, DOGE experienced a rapid 2% surge, indicating a strong bullish sentiment among investors.

At present, the price of DOGE is $0.0752, representing a promising increase of 2.7% in the last 24 hour. The coin’s price has fluctuated between $0.0727 and $0.0747, showcasing a resilient trading range. Despite a slight drop of 10% in the trading volume in the last 24 hour, the positive sentiment surrounding Dogecoin continues to enhance its value.

Michael van de Poppe, a respected analyst in crypto, 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.

Elon Musk’s confirmation that ‘X’ will not launch its own crypto token has generated optimism among investors. His 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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