Elon Musk’s surprise announcement that none of his companies will ever create a crypto token have sent shockwaves through the meme community.
Musk has for years proclaimed himself a fan of cryptocurrency. At one point, Musk-owned Tesla held more than $2 billion worth of Bitcoin.
In recent months, there’s been widespread speculation that Musk could launch a native cryptocurrency for X, Tesla, SpaceX, or another of his companies.
The rumors were so prevalent that many crypto enthusiasts believed—mistakenly—that a new $XAI token was related to Musk’s AI company, xAI. The $XAI token jumped 175% last week following an announcement that xAI would provide tools for Premium subscribers to Musk’s social media platform X.
That speculation prompted Musk to announce on Friday that “none of my companies will ever create a crypto token.”
Musk Announcement Casts Doubt on Dogecoin’s Future
The implications of Musk’s declaration are still being digested by the crypto community, which has until now had no clear indication of the billionaire’s token plans. However, the announcement is likely to have a negative impact on tokens that Musk has backed in the past—including Dogecoin.
It was Musk’s backing in 2021 that led Dogecoin to a meteoric rise and fueled a frenzy of shiba inu-themed meme coins that continues today.
While Dogecoin has a large community, many token holders have held onto $DOGE solely because they believed that the token had Musk’s blessing. Others purchased $DOGE after Musk’s acquisition of Twitter in anticipation of Dogecoin becoming the official cryptocurrency of the platform.
While the Dogecoin price is up since Musk’s tweet, the meme token has underperformed the broader crypto market in recent weeks. Over the past 30 days, $DOGE is up 22% compared to 25% for Bitcoin.
Still, not all crypto experts are convinced that Musk’s declaration is bad news. SlumDOGEMillionaire, a prominent crypto influencer with more than 288,000 followers on X, responded to Musk’s tweet with the words, “because all we need is #Dogecoin.”
In other words, there’s still a possibility that Musk’s companies could use Dogecoin as their official cryptocurrency instead of creating new tokens.
Musk hasn’t replied to SlumDOGEMillionaire, so the crypto community is left with little clarity as to whether the door remains open for a future connection between Musk’s empire and $DOGE.
Will Dogecoin Holders Sell To Buy Meme Kombat? New Token Raises $1.25m as IDO Approaches
The question for Dogecoin token holders now is whether to continue HODLing or leave $DOGE behind in favor of a new, more promising meme token. Many are eyeing Meme Kombat as a potential alternative to Dogecoin.
Meme Kombat is still in presale, but it’s now raised more than $1.25 million and is rapidly approaching its soft cap of $1.5 million. Crypto influencers like Crypto Tony, Michael Wrubel and Crypto ZEUS have been heavily bullish on Meme Kombat, going so far as to suggest this token could be the next $PEPE.
New presale i am bring some awareness too .. Legends at @Meme_Kombat who are an innovative new gaming platform designed for hardcore gamers.— Crypto Tony (@CryptoTony__) September 28, 2023
– Doxxed team ✅
– $100,000 raised already ✅
– Passive staking ✅
– AD / NFA / DYOR ✅
– Presale link : https://t.co/TWAEnq5WG0
– TG :… pic.twitter.com/r6xtdbBmeX
Meme Kombat is both a meme project and a play-to-earn crypto game that pits popular memes like Doge, Shiba Inu, Spongebob, Wojak, and others against one another in virtual fights. Token holders can bet on the outcome of these fights using Meme Kombat’s $MK token and earn $MK if they win.
The project has the potential to appeal to meme coin lovers—including current $DOGE token holders—as well as gamers and bettors.
It also holds a lot of attraction for investors since Meme Kombat offers staking rewards at a rate of 112% APY. Investors in the Meme Kombat presale can stake their $MK and start earning even before the token launches.
Right now, investors can buy $MK on presale at a discounted price of only $0.183. However, the price is set to rise to $0.189 in just 3 days. So, investors need to hurry if they want to lock in the lowest price for Meme Kombat and get in on the next big meme coin ahead of its IDO.