Elon Musk Mulls Resignation as CEO of Twitter – What’s Next for Dogecoin?
Dogecoin has enjoyed several mini rallies in recent months amid speculation that it could play a role in Elon Musk’s Twitter plans. In fact, DOGE turned out to be one of the best performers in the crypto markets as the eccentric billionaire, who has long had an affinity for dogey-themed crypto, took the helm on Twitter.
With Musk now seriously considering stepping down as CEO of Twitter, is the price of his favorite meme coin headed south?
Twitter’s Elon Musk may soon step down as CEO
A new drama is emerging around Twitter as Elon Musk released a poll asking his followers whether he should quit the microblogging site. At press time, the verdict was divided, with 57.5% of the approximately 17.5 million responses supporting his resignation.
Musk indicated that he would accept the results of the Twitter poll, implying that he was open to giving that key role to someone else.
Should I step down as head of Twitter? I will follow the results of this poll.
— Elon Musk (@elonmusk) December 18, 2022
Notably, Musk is not looking for anyone but a CEO who can truly “keep Twitter alive”. Interestingly, former NSA contractor-turned-whistleblower Edward Snowden announced that he is set to head the social media company, and that he would prefer bitcoin as payment for his potential new job.
Why this matters for DOGE
Musk has been a prominent supporter of Dogecoin. His plan has always been to send DOGE skyward. Tesla’s CEO’s statements about the currency have also consistently affected its price. In October, for example, DOGE soared 12 cents on news that Musk had completed his $44 billion acquisition of Twitter and that documents were leaked that indicated the electric car mogul was working on a wallet prototype. Which will support deposit and withdrawal of crypto.
There was unconfirmed speculation that the aspiring Martian might use Dogecoin in his plans for Twitter 2.0 until he suggested that his time as “Chief Tweet” may be coming to an end.
Notably, the crypto industry is still shaking after a brutal month: investor confidence has been ruined following the news that FTX, once one of the largest and most prominent cryptocurrency exchanges, went bankrupt.
Who knows what’s coming? But if Musk is indeed resigning as CEO of Bird App, plans to integrate Dogecoin payments — and later add the utility to the Shiba Inu-themed Meme Coin — could be put on hold. This means that investors pining for a DOGE moonshot in the near term could be in for a rude awakening.