Dogecoin In Freefall Following Musk’s Choice To Step Down As Twitter CEO

Dogecoin is taking fairly a beating out there over the past week. The meme coin which has maintained an in depth correlation to the actions of billionaire Elon Musk suffered a number of dips tied to Musk’s choices as Twitter CEO. The newest of those declines adopted Musk’s publishing of a ballot on Twitter asking if he ought to step down as CEO. Now, the outcomes are in and it’s not excellent news for Dogecoin.

Twitter Customers Need Musk Gone

Elon Musk’s Twitter ballot asking if he ought to step down as CEO was revealed on Monday and garnered greater than 17.5 million votes in a span of two days. The outcomes have been lastly revealed and 57.7% of votes need the billionaire to step down as Twitter CEO whereas solely 42.5% need him to stay.

Taking to the replies to provide his choice, Elon Musk said that he would step down as CEO “as quickly as I discover somebody silly sufficient to take the job!” So what does he plan to do after this occurs? Musk says he’ll stay to run the software program and servers staff.

Dogecoin had already been responding negatively to the ballot and the ultimate outcomes would deal a extreme blow to the meme coin. By the early hours of Wednesday, the digital asset had already misplaced 20% of its worth over a 7-day interval. A lot of the losses occurred in response to Musk’s ballot with the meme coin’s value plunging over 10% as soon as the outcomes had been revealed.

Ought to I step down as head of Twitter? I’ll abide by the outcomes of this ballot.

— Elon Musk (@elonmusk) December 18, 2022

DOGE’s value has already fallen under the $0.07 stage, marking a brand new one-month low for the digital asset, earlier than recording a short restoration to $0.073. 

What Occurs To Dogecoin If Musk Steps Down?

Most of Dogecoin’s rally throughout the bear market had been in response to Musk’s takeover of Twitter. Positivity across the meme coin had been bolstered by expectations that the billionaire, popularly often known as the ‘Dogefather’ would implement a few of the use circumstances he had beforehand advised for Dogecoin.

DOGE falls to $0.07 | Supply: DOGEUSD on TradingView.com

At first, it heading on this course as Twitter labored on crypto integrations, however a halt to growth put a damper on these desires. Now, Musk’s intention to step down as Twitter CEO additional drives house the truth that a DOGE integration on Twitter might now not be potential.

If Musk does step down as CEO, there isn’t any doubt that it will negatively influence Dogecoin’s value. A lot of the features gathered over the past two months have already been wiped up, and such an occasion will possible be the catalyst that drives the DOGE value in direction of the $0.01 stage. 

However, it’s potential it is going to take some time till a brand new CEO is introduced for the social media platform. Till then, Elon Musk will proceed to guide the corporate, nonetheless leaving Dogecoin in favor with Twitter.

Featured picture from Coingape, chart from TradingView.com