Elon Musk to Step Down as Twitter CEO; What Does It Mean for DOGE?

The cryptocurrency market is still reeling from the fallout from the FTX collapse, and Dogecoin (DOGE), one of Tesla (NASDAQ: TSLA) and Twitter CEO Elon Musk’s favorite tokens, is under pressure as the community appears to support his resignation as the social network’s CEO.

Indeed, Musk posted a poll on Twitter (NYSE: TWTR) asking the community if he should step down as CEO and promising to respect the results. Out of over 16.7 million votes cast as of December 19, the majority (57.6%) of poll participants said ‘Yes,’ according to press time.

With a market capitalization of $10.36 billion, the meme dog coin remains the eighth-largest cryptocurrency by this metric, having previously displaced Cardano (ADA) from this position on December 19, according to CoinMarketCapdata.

Musk’s Effect

Dogecoin’s market movements have historically followed developments surrounding Tesla CEO Elon Musk, whether positive or negative, including an influx of $5 billion into its market cap in five weeks following Musk’s acquisition of Twitter.

Previously, the price of Dogecoin had risen 8% on rumors that Musk and Buterin were planning to collaborate to upgrade DOGE, as well as 25% in a week on news that the DOGE-1 lunar satellite was about to launch.

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