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Elon Musk could be stepping down as Twitter CEO; How will DOGE react?

source-logo  finbold.com 19 December 2022 11:46, UTC

The cryptocurrency market is still feeling the aftershocks of the FTX collapse, and Dogecoin (DOGE), one of the favorite tokens of Tesla (NASDAQ: TSLA) and Twitter CEO Elon Musk, is under pressure as the community seems to support his resignation as the head of the social network.

Indeed, Musk posted a poll asking the community whether he should step down as head of Twitter (NYSE: TWTR) and promising to respect the poll results. By press time, the majority (57.6%) of poll participants said ‘Yes,’ out of over 16.7 million votes as of December 19.

With a market capitalization of $10.36 billion, the meme dog coin remains the eighth-largest cryptocurrency by this indicator after previously unseating Cardano (ADA) from this position, as per CoinMarketCapdata on December 19.

The Musk effect

Historically, the market movements of Dogecoin had the tendency to follow the developments surrounding the Tesla CEO, whether positive or negative, including an influx of $5 billion into its market cap in five weeks upon Musk’s acquisition of Twitter.

Earlier, the price of Dogecoin had gained 8% upon rumors that Musk and Buterin were planning to work together to upgrade DOGE, as well as soaring 25% in a week upon the news that the launch of the DOGE-1 lunar satellite was fast approaching.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

finbold.com