- Meme coin XAI has shed a big share of its worth since Elon Musk distanced himself from the token.
- Musk stated none of his firms will ever create a crypto token after a token related together with his AI startup noticed a value increase.
- CoinMarketCap information reveals the token has misplaced 12.73% of its value within the final seven days.
Meme coin XAI has seen a big drop in its worth and commerce quantity following current statements from billionaire tech founder Elon Musk. As beforehand reported, Musk, in a current tweet on X – previously Twitter – acknowledged that none of his firms will ever create a crypto token.
Notably, Musk’s tweet got here in response to rising hypothesis about his relationship with a booming memecoin, XAI. The meme coin’s identify is akin to xAI, a man-made intelligence startup that Musk owns. Consequently, crypto consultants warned customers might assume the corporate owned the token.
CoinMarketCap information reveals XAI has struggled to exit the purple zone since Musk made his assertion. On the time of press, the token was down 12.73% within the final seven days. Equally, XAI misplaced over 8% of its value up to now 24 hours.
In the meantime, this isn’t the primary time Musk has dominated out the potential of him or any of his companies launching a crypto token. Earlier in August, Musk made the same remark when he acknowledged that X would by no means launch a crypto token. The speculations then got here following rumors that the billionaire might combine Dogecoin as a fee choice on the platform.
Moreover, the billionaire founder has beforehand revealed he holds Bitcoin, Ether, and Dogecoin. Equally, his firm, Tesla, holds round $184 million value of digital belongings, as revealed throughout the firm’s final quarter report. Elsewhere, Dogecoin – a memecoin generally related to Musk – has regained its composure following a drop that got here after the billionaire’s assertion. The token has gained 1.74% up to now 24 hours and is at present exchanging arms at $0.07352 on the time of press.
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