Today, Dogecoin’s price is down by 12%, and at the time of writing, it was trading at $0.071. Many people associate the drop with the recent Elon Musk Twitter Poll that asked if he should resign from his CEO position at the social media giant. The majority voted in support of his resignation.
Currently, the entire crypto market is suffering because of the fear of recession and the demise of numerous prominent firms like FTX. According to Yahoo! Finance, other digital tokens, including Ethereum and Bitcoin, are all down by 2% today.
CoinGecko Data Shows Musk’s Twitter Purchase Boosted Dogecoin Price
A few weeks ago, Dogecoin saw its price surge after the World’s wealthiest man purchased Twitter. At the time of the purchase, the Dogecoin price was $0.071, and by November 2, Dogecoin saw its price double as it traded at $0.142. Since then, the price has kept falling and rising, as per CoinGecko.
The Dogecoin’s $0.142 price is the best for the year but is far from its last year’s all-time high of $0.72. Jackson Palmer launched Dogecoin in 2013, and he luckily found an unpaid influencer in Elon Musk, who has praised the digital token on his Twitter handle over the past years.
Also read:In June this year, leaked messages suggested that Musk had plans to integrate a payment system into Twitter. Many people anticipated that the social media app would utilize Dogecoin as it was Musk’s adored crypto. However, soon after buying Twitter, the billionaire reportedly put the plans on hold.
Musk’s Tesla firm has not invested in the meme coin despite his love for Dogecoin. Instead, the electric car manufacturer holds Bitcoins worth about $220 million, making it one of the top corporate holders of the digital asset.
Crypto Guru Criticizes Elon Musk Leadership Style Since Completing Twitter Purchase
Since his Twitter takeover, Musk’s leadership style has been under heavy scrutiny. Prominent names in Crypto like Vitalik Buterin, the co-founder of Ethereum, said that Musk’s move to ban accounts, including the one that tracks Musk’s private jet location, puts the Social media app on a path to authoritarianism.
Following the criticism, Musk has resolved to post Twitter polls to collect users’ views on various policies, like reinstating the banned accounts and the current one that asks if he should continue to serve as the CEO or step down. Musk promised to respect people’s will, and if he does step down, the Dogecoin price could plunge even further.
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