Elon Musk Stepping Down as Twitter CEO, Will This Be The End of Dogecoin?
May 11 2023 - 5:04PM
NEWSBTC
Elon Musk, the owner of Twitter and a big supporter of Dogecoin,
the original meme coin, is stepping down as the CEO of the social
media platform to focus on product development. He will act as the
chief technology officer (CTO) of Twitter. Elon Musk Stepping Down
As Twitter CEO In a Tweet on late May 11, the technology
billionaire said Twitter has since hired a CEO whom she will take
over in six weeks. Excited to announce that I’ve hired a new CEO
for X/Twitter. She will be starting in ~6 weeks! My role will
transition to being exec chair & CTO, overseeing product,
software & sysops. — Elon Musk (@elonmusk) May 11, 2023
Meanwhile, DOGE, like the rest of the crypto market, is down 32%
from its April 2023 peak and likely to slide even lower following
this announcement. Related Reading: Dogecoin Limps In A Bearish
Market: What Traders Should Watch Out For Musk is an ardent
supporter of cryptocurrencies and has specifically expressed his
admiration for DOGE, the meme token. In numerous instances, DOGE
prices have rallied following comments from Musk, mostly posted on
Twitter. Like most meme coins, some argue that DOGE has no
fundamental value, with supporters keen on riding the coin’s
bullish and bearish cycles. During the last bull cycle, DOGE
rallied to over $0.70, peaking when Elon Musk appeared on Saturday
Night Live (SNL) show saying he was the “Doge master.” Over
the past few months, DOGE has crashed by over 85%, slumping to
$0.05 in Q4 2022. However, this didn’t prevent Elon Musk from
tweeting about the project. In April, DOGE prices rocketed when
Twitter, the company Musk presently leads, temporarily changed its
logo to the Shiba Inu dog associated with the meme project.
In response, DOGE spiked, adding as much as $4 billion, surging
from around $0.07 to $0.10. Musk said he delivered on his promise
by temporarily replacing the blue bird logo representing Twitter
with Shiba Inu. As promised pic.twitter.com/Jc1TnAqxAV — Elon Musk
(@elonmusk) April 3, 2023 Sued For Supporting Dogecoin Last month,
the billionaire asked a United States court
to dismiss the $258 billion racketeering lawsuit. In
the case, Musk is accused of running a scheme to support
DOGE. An extract from the lawsuit reads: Defendants were
aware since 2019 that Dogecoin had no value yet promoted Dogecoin
to profit from its trading. Musk used his pedestal as World’s
richest man to operate and manipulate the Dogecoin Pyramid Scheme
for profit, exposure, and amusement. Related Reading: PEPE Price
Prediction: Can Pepe Coin Flip Dogecoin? How DOGE reacts in the
days ahead is yet to be seen, with Elon Musk stepping down as the
CEO of Twitter. Feature Image From Canva, Chart From TradingView
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