Dogecoin (DOGE) in Red as Musk Asks Users If He Should Step Down as Head of Twitter

On Monday, the price of Dogecoin (DOGE) dropped after billionaire Elon Musk asked his Twitter users if he should step down as the head of the popular social media platform.

The cryptocurrency is down 2.2% over the past 24 hours. For comparison, the price of Bitcoin has slipped by a mere 0.6% over the same period of time.  

The meme coin remains highly sensitive to Musk’s tweets and comments and so it’s no surprise that DOGE took a hit when the controversial billionaire sent out the tweet. 

Musk has repeatedly tweeted about the meme cryptocurrency while also voicing his enthusiasm for Dogecoin’s potential in various interviews. The Tesla CEO also personally holds the meme cryptocurrency. 

After underperforming throughout virtually all of 2022, Dogecoin eventually experienced a wild rally due to Musk’s acquisition of Twitter. However, the meme coin took a hit after the social media platform reportedly scrapped its plan to integrate cryptocurrency wallets. 

It appears that Musk’s time atop Twitter may be coming to a close after a string of controversies. At press time, the majority of people responding to his most recent poll want him to go, and Musk has said he will step down if they do. Over 58% of respondents voted “Yes,” showing that they are unsatisfied with his performance since late October when he assumed control of the company.

It remains to be seen whether Musk does eventually abide by the wishes of his users and depart from Twitter.