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Due to Musk’s resignation as head of Twitter, DOGE may fall to 2018 values

Andrew Zhoao

News editor

Dec 20, 2022 at 05:50

DOGE fell by 4.98% in 24 hours. One of the possible reasons is Elon Musk’s stepping down as CEO of Twitter. Earlier, against the background of the news about his purchase of the social network, the businessman’s favorite coin significantly increased in value, but now, apparently, we see the opposite effect. 

Why is Elon Musk leaving Twitter? 

The CEO of Tesla, SpaceX, and recently Twitter, Elon Musk may resign as CEO of the social network. The reason is the decision of the community after the businessman posted a poll on whether he should resign as the head of the company. The majority voted for his resignation, and now Musk will have to say goodbye to his position. 

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57.5% vs. 42.5%. We cannot say that society is divided equally, but even in the crypto crowd, there are those who are “for” and “against” the presence of Musk as the head of Twitter. One of those who believe that the businessman should stay is Michael Saylor from Microstrategy, who launched his own poll. So, according to the study, 82% of users think Twitter has gotten better since Musk took the helm.

Binance CEO Changpeng Zhao probably approves of the set course as well.

Changpeng Zhao's comment
Changpeng Zhao’s comment

However, not everyone supports the businessman’s vision regarding Twitter. He recently banned several accounts that follow celebrity airplanes, including him. According to Musk, it threatens the security and confidentiality of the people and is contrary to U.S. laws. Twitter has since come up with a new policy that bans any tweets or accounts that report someone’s location. 

Many disagreed, including Ethereum co-founder Vitalik Buterin. Saying that Musk’s actions are a path to authoritarianism.

Such actions could, and most likely, led to the fall of Musk’s favorite coin Dogecoin, which fell by 4.98% in the last 24 hours. But whether this is the only reason? Let’s sort it out.

Dogecoin’s current price and prediction 

At the time of writing, DOGE is trading at $0.07437, down 4.98% in the last 24 hours and as much as 17.39% in the last week. Overall, the seven-day drop is probably due to general problems in the market, which has not yet recovered from the FTX crash. But as for the last 24 hours, it’s more likely that this decline is due to the news on Twitter.

Dogecoin to USD chart
Dogecoin to USD chart 

Previously, the coin was on the rise, especially after rumors surfaced that the DOGE coin might be integrated into Twitter. However, it was later reported online that the social network was planning to launch its own cryptocurrency called Twitter Coin. Now, after the joint plans of Twitter and Dogecoin are not fated to come true, and Musk may leave his post, the businessman’s favorite digital asset has begun to fall. 

Peter Schiff, a well-known opponent of cryptocurrencies, believes that Musk never really supported Dogecoin but did it as a joke to mock Bitcoin.

Whether it’s true or not, users can’t change their minds, and in general, Musk’s resignation will have an impact on the value of DOGE. Analyst il Capo Of Crypto noticed that the coin could fall in price to the level of the beginning of 2018 (according to CoinMarketCap, on January 1, the asset was worth $0.009031). 

How can I make money on this?

Whatever the case, Dogecoin is already tied to Musk because of his authority. If he does leave his post, the probability is that the coin will fall. Otherwise, there is still hope that it will be integrated into Twitter, and one day it will significantly soar in value. 

However, the businessman has already started looking for a successor who could replace him in such an important post. Among famous personalities, the rapper Snoop Dogg, who also launched a poll on the social network, is already ready to take the place of Twitter’s head, and 81% voted for his candidacy.  

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Obviously, that’s not going to happen, but just to put it in perspective, it’s likely that Snoop Dogg’s appointment as head of Twitter marked an increase in the value and popularity of the Bored Ape Yacht Club project. The star is its ambassador and actively promotes the NFT

In addition, becoming the head of the social network is not against the technical specialist and former special agent of the CIA, Edward Snowden. He wrote on Twitter that he was interested in such a position, but only if he would be paid in bitcoins.

Would you like to lead Twitter? What cryptocurrency would you integrate into the social network? Write about it in the comments.

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