Musk’s position as CEO helped DOGE’s price gain a massive 150%, so the fear for the meme-based cryptocurrency may be justified at this point.
On May 11, Tesla CEO Elon Musk officially announced That he is stepping down from his position as CEO of Twitter. According to his tweet, he will now assume the new role of Executive Chairman and Chief Technology Officer. Recall that Musk has long insisted he has no plans to become a permanent CEO at Twitter. In fact, moments after buying the platform last October for $44 billion, he told a Delaware court that he was looking for someone to replace him. Part of his court statement read:
“I look forward to reducing my time on Twitter and finding someone else to run Twitter over time.”
However, now that he’s been true to his words, one can’t help but wonder what fate lies ahead for Dogecoin.Doge) – The meme token is attached to it.
Musk’s relationship with Dogecoin (DOGE)
Kasturi has always been quite vocal in his support of the coin. He often shares his belief that DOGE offers better payment functionality than bitcoin (B T c) at every chance he gets.
Furthermore, his frequent comments about cryptocurrencies were enough to earn him nicknames such as “The Dogfather” and “Slumdog Millionaire”.
But more than names, Musk wields an unimaginable influence to the point that one tweet or action of his is powerful enough to trigger market volatility.
To put the above into perspective, Dogecoin (DOGE) Enhanced More than 25% on April 3 after Elon Musk’s Twitter replaced its familiar blue bird with the cryptocurrency’s iconic Shiba Inu dog logo.
A few days later, DOGE fell as Twitter removed the Shiba Inu logo to revert to its original blue bird logo.
what does the future hold?
It should be noted that Musk stepping down as CEO hasn’t completely banned him from the platform. So, essentially, he retains influence even as Twitter’s executive chairman or chief technology officer. But considering that his position as CEO helped DOGE’s price gain a massive 150%, the apprehension for the meme-based cryptocurrency may be justified at this point.
But roles aside, if Musk continues to tweet about Dogecoin, the tweets will continue to influence the cryptocurrency’s trajectory and affect the general market.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. Although away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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