- Meme coin XAI has shed a significant percentage of its value since Elon Musk distanced himself from the token.
- Musk said none of his companies will ever create a crypto token after a token associated with his AI startup saw a price boom.
- CoinMarketCap data shows the token has lost 12.73% of its price in the last seven days.
Meme coin XAI has seen a significant drop in its value and trade volume following recent statements from billionaire tech founder Elon Musk. As previously reported, Musk, in a recent tweet on X – formerly Twitter – stated that none of his companies will ever create a crypto token.
Notably, Musk’s tweet came in reaction to growing speculation about his relationship with a booming memecoin, XAI. The meme coin’s name is akin to xAI, an artificial intelligence startup that Musk owns. As a result, crypto experts warned users could assume the company owned the token.
CoinMarketCap data shows XAI has struggled to exit the red zone since Musk made his statement. At the time of press, the token was down 12.73% in the last seven days. Similarly, XAI lost over 8% of its price in the past 24 hours.
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