Musk’s position as CEO helped boost the price of DOGE by a whopping 150%, and thus, concerns about the meme-based cryptocurrency may be justified at this point.
On May 11, Tesla CEO Elon Musk officially announced announce He was stepping down from his position as CEO of Twitter. According to his tweet, he will now take on the new roles as CEO and CTO. Remember, Musk has long insisted that there are no plans to be a permanent CEO at Twitter. In fact, moments after he bought the platform for $44 billion last October, he told a Delaware court that he was looking for someone to replace him. Part of his judicial statement was as follows:
“I expect to reduce my time on Twitter and find someone else to run Twitter over time.”
However, having come true to his words, one can’t help but wonder what fate awaits Dogecoin (DOGE) – the meme token associated with it.
Musk’s relationship with Dogecoin (DOGE)
Musk has long been vocal about his support for the currency. He often shares his belief that DOGE offers better payment functionality than Bitcoin (BTC) every chance he gets.
And his constant comments about cryptocurrency were enough to earn him nicknames like “The Dogefather” and “Slumdoge Millionaire.”
But more than names, Musk has had such an unimaginable impact that a single tweet or action from him is powerful enough to cause volatility in the market.
To put the above into perspective, Dogecoin (DOGE) surged more than 25% on April 3 after Elon Musk’s Twitter post replaced the familiar blue bird with the cryptocurrency’s popular Shiba Inu dog logo.
A few days later, DOGE dropped once Twitter dropped the Shiba Inu logo to go back to the original Blue Bird logo.
What does the future hold?
It should be noted that Musk’s stepping down from his position as CEO does not completely prevent him from entering the platform. So, basically, his influence remains the same even as CEO or CTO of Twitter. But considering that his position as CEO helped DOGE’s price gain a whopping 150%, concerns about the meme-based cryptocurrency may be justified at this point.
But regardless of the roles, if Musk continues to tweet about Dogecoin, the tweets will continue to influence the course of the cryptocurrency and influence the overall market.
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Mayowa is a cryptocurrency writer/enthusiast and his conversational personality is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to replicate it. He is a reader, researcher, skilled speaker, and budding entrepreneur. Outside of cryptocurrency, Mayowa’s imaginative diversions include soccer or discussing global politics.