Dogecoin Price Analysis: 30% Fall Awaits as Elon Steps Down as Twitter CEO

Dogecoin price analysis: Doge price fell after 57.5% wanted Elon to step down as Twitter's CEO

Dogecoin price analysis after Elon steps down as Twitter CEO: the price of dogecoin (DOGE) is on a continuous decline – down 1.04% in the past 24 hours – after Elon Musk broke his silence following a Twitter poll of the platform's users asked whether he should step down as CEO of the social media company. During the tail end of this move down, Elon Musk polled Twitter asking whether he should resign as company CEO. The poll closed with over seventeen and a half million votes cast, showing 57.5% wanted him to step down.

Twitter Users Want Musk Gone

Elon Musk's Twitter poll asking if he should step down as CEO was published on Monday and garnered more than 17.5 million votes in a span of two days. The results have been finally revealed and 57.7% of voters want the billionaire to step down as Twitter CEO while only 42.5% want him to remain.

Musk had initially stated that he would abide by the results of the poll. In a Tweet published on Wednesday 21 December, the Twitter CEO said he would resign as chief executive as soon as he finds "someone foolish enough to take the job." Musk said that he would continue working with the firm to run the software and servers' teams instead.

The price of dogecoin declined following his announcement and is currently down 1.04% in the last 24 hours, and more than 19% in the last seven days. Musk has owned Twitter for close to two months after completing its purchase in November. During that time, his impact on the platform has been massive and highly controversial.

He started his management by letting go off thousands of Twitter employees that could not meet his strict ultimatums. Musk has also introduced changes around content moderation and user verification that have been the talk of both his critics and supporters on the platform.

Musk introduced $8 payments for subscriptions to Twitter Blue. However, the product which gives subscribers a Blue verification check mark was suspended after it fueled a spree of impersonation that caused real-world damages in some cases.

Why is the Dogecoin price going down?

The rain started beating down on the Dogecoin price earlier this week when billionaire Elon Musk insinuated that he might be leaving Twitter as CEO. Musk has been at the helm of one of the world's largest social media platforms for barely three months, within which he hinted at integrating DOGE as Twitter's official cryptocurrency.

Dogecoin's price has become highly reactive to Elon Musk's tweets and comments since he assumed control of Twitter. This was demonstrated in October, when the price of DOGE rose by over 178% after the confirmation of Musk's acquisition of the social media platform, reaching a trading value of $0.1596.

According to Crypto news, Dogecoin had already been responding negatively to the poll and the final results would deal a severe blow to the meme coin. By the early hours of Wednesday, the digital asset had already lost 20% of its value over a 7-day period. Most of the losses happened in response to Musk's poll with the meme coin's price plunging over 10% once the results were revealed.

Elon Musk's Impact on Dogecoin

Dogecoin price action is highly correlated to Musk's activities both on and off social media. As news of Musk completing his $44 billion takeover of Twitter filtered through, DOGE posted a week-long rally, spiking from $0.05911 to top out at $0.15952 – a 170% increase.

Rumors were, Dogecoin, Musk's favorite cryptocurrency would benefit from a Twitter integration, triggering the buying frenzy. Some seven weeks since Musk took over, there has been no confirmation of DOGE integration. What's more, it is unclear whether Musk's resignation could help or hinder such a proposal.