Elon Musk To Step Down As Twitter CEO, Dogecoin Prices Plunge.
Dogecoin prices had risen considerably, even seeing multiple rallies since Doge enthusiast Elon Musk first took over Twitter, but now with the billionaire threatening to step down from his position, the memecoin is now seeing its prices drop.
Elon Musk Stepping Down
On December 19th, billionaire and Tesla CEO Elon Musk posted a Twitter poll asking whether he should step down from his position as Twitter’s CEO since acquiring the giant social media platform earlier this year.
With over 17 million votes, the final results showed that a majority of the people, had voted in agreement with the billionaire to step down. Having promised to “abide by the results” of the poll, Musk is now expected to step down sometime soon.
Should I step down as head of Twitter? I will abide by the results of this poll.
— Elon Musk (@elonmusk) December 18, 2022
With Musk being known to be a huge Dogecoin enthusiast, many in the community had expected Musk to integrate the memecoin into Twitter one way or another during his time as CEO.
In leaked messages from June 2022, Musk was revealed to be planning to create a digital payments system, with many speculating that the billionaire must have implemented Dogecoin into the system.
However, with Musk now suggesting that he step down from his position, many in the community have become less hopeful about Dogecoin’s implementation in Twitter.
As a result, Dogecoin’s price has fallen by more than 10% since Musk’s Twitter poll, with the memecoin now trading at a price of $0.074 according to CoinGecko.
Despite this however, Elon Musk has since continued to show support for the memecoin, agreeing to join the Dogecoin community in a Twitter space sometime near Christmas in a tweet on December 17th.
Things are rather intense right now, but maybe closer to Christmas
— Elon Musk (@elonmusk) December 16, 2022