Dogecoin is taking fairly a beating available in the market over the past week. The meme coin which has maintained a detailed correlation to the actions of billionaire Elon Musk suffered a number of dips tied to Musk’s selections as Twitter CEO. The latest 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 offer his resolution, Elon Musk mentioned 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 crew.
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. Many of the losses occurred in response to Musk’s ballot with the meme coin’s value plunging over 10% as soon as the outcomes have 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 quick restoration to $0.073.
What Occurs To Dogecoin If Musk Steps Down?
Most of Dogecoin’s rally in the course of 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 referred to as the ‘Dogefather’ would implement a few of the use circumstances he had beforehand recommended for Dogecoin.
DOGE falls to $0.07 | Supply: DOGEUSD on TradingView.com
At first, it seemed to be heading on this path as Twitter labored on crypto integrations, however a halt to improvement put a damper on these goals. Now, Musk’s intention to step down as Twitter CEO additional drives dwelling the truth that a DOGE integration on Twitter could not be potential.
If Musk does step down as CEO, there is no such thing as a doubt that it might negatively affect Dogecoin’s value. Many of the good points 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 can 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