Dogecoin price plunges following Elon Musk’s departure as Twitter CEO

The price of Dogecoin (DOGE) is turning red again amid Elon Musk’s controversial handling of his potential departure as Twitter CEO. First with a poll in which users overwhelmingly opted for his resignation, and 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 will just run the software and servers teams.

– Elon Musk (@elonmusk) December 21, 2022

Over the past three days, DOGE has depreciated by 7.5% on exchanges, according to data from Coingecko, with the crypto meme falling from USD 0.079 to USD 0.073 at the time of writing.

Last Sunday, Elon Musk surprised people by posting a poll on Twitter. In it, he asked the network’s users whether he should resign as CEO. The answer from the majority was yes. Today, Tuesday night, Musk announced on the same channel that he would step down once he found someone “stupid enough to take the job“. He will then lead only the software and server teams, Elon Musk added.

With this move, DOGE has already accumulated a drop of more than 30% in the month of December. During this period, its share price has fallen from USD 0.11 to the current price. With this performance, DOGE follows its second consecutive month of decline, after doubling its stock value last October, after Musk’s takeover of Twitter.

Dogecoin’s share price had surged following Elon Musk’s purchase of the social network. However, this momentum is losing steam in the face of criticism of its management, which began by sparking numerous controversies.

Already in early December, the rumor that a Twitter-specific digital currency would be created affected the price of DOGE. Especially since Musk’s historical support for the crypto-currency meme had raised public expectations that the social network would adopt Dogecoin as the platform’s currency.