Dogecoin has been one of the worst performers over the past 24 hours after Ilon Musk confirmed his resignation as CEO of Twitter.
DOGE hit a high of $0.11172 on December 5, but then lost 37% due to increased selling pressure, bottoming out at $0.07003 on December 19.
At the end of this decline, Elon Musk ran a poll on Twitter asking if he should resign as CEO. The poll closed with over 17.5 million votes, indicating that 57.5% wanted him to resign.
Musk kept his word, confirming on December 21 that he would resign if a “ridiculous” replacement could be found, following the poll results. He said he would continue to monitor the software and servers after his resignation.
As soon as I find someone foolish enough to take over that job, I will resign as CEO,” he said. After that, I will just manage the software and server team.”
Doji Coins and Musk
Dojcoin’s price volatility correlates strongly with Musk’s actions, both inside and outside of social media.
When news broke that Musk had acquired Twitter for $44 billion, DOGE reported a week-long rally, rising 170% from $0.05911 to a high of $0.15952.
Rumors that Musk’s cryptocurrency of choice, Dogecoin, would benefit from an integration with Twitter sparked a buying frenzy.
Seven weeks after Musk took the reins of power, there is still no confirmation of the Dogecoin integration. Moreover, it is unclear whether Musk’s resignation helped or hindered such a proposal.
Who would be foolish enough to take over the running of Twitter?
Several candidates have offered to serve as Twitter CEO, including NSA whistleblower Edward Snowden, podcaster Rex Friedman, and Snoop Dogg.
Many others have thrown their hat into the ring since the story spread by word of mouth. Tom Anderson, founder of defunct social media platform MySpace, expressed interest by posting a photo of his profile.
Similarly, @TheDaoMaker suggested that Greg, a longtime supporter of Dogecoin, should take on that role.
Greg had previously expressed interest by mentioning the mask in his characteristically stylized tweet.
It’s me, Greg. If you have any questions about future policies or need help hiring a Twitter CEO (or want me to be your CEO), feel free to send me a private message.