Dogecoin (DOGE) price turns red again amid Elon Musk’s controversial handling of his potential departure as Twitter CEO. First with a poll in which users overwhelmingly voted for his resignation, then with a tweet indicating that he would do so.
I will resign as CEO as soon as I find someone foolish enough to take the job! After that I just want to run the software and server teams.
— Elon Musk (@elonmusk) 21 December 2022
Over the past three days, DOGE has fallen 7.5% on exchanges, according to data from Coingecko, with the cryptocurrency meme falling from $0.079 to $0.073 at the time of writing.
On Sunday, Elon Musk surprised people by posting a poll on Twitter. In it, he asks network users if he should quit as CEO. The majority answer is yes. Today, Tuesday evening, Musk announced on the same channel that he would resign when he found someone.stupid enough to take the job“. He will then only lead the software and server teams, Elon Musk added.
With this movement, DOGE has already accumulated a decline of more than 30% in the month of December. During this period, the share price fell from $0.11 to the current price. DOGE continues this performance with its second straight month of decline, after doubling its stock market value last October following Musk’s takeover of Twitter.
Dogecoin stock had risen following Elon Musk’s purchase of the social network. However, this momentum is running out in the face of criticism of its leadership, which began by creating many controversies.
Already at the beginning of December, the rumor that a digital currency specific to Twitter would be created affected the price of DOGE. Especially since Musk’s historic support for the cryptocurrency meme had sparked public anticipation that the social network would adopt Dogecoin as its platform currency.