It was long speculated that Dogecoin would be part of a planned wallet integration on Twitter. For now, this is not the case yet and the rumors that Musk will step down as CEO of Twitter have not done the Dogecoin price any good either.
Dogecoin’s volatile course
The Dogecoin price has dropped more than 10 percent in the past few days, making 1 DOGE token worth about $0.744 at the time of writing. The recent price drop came after Elon Musk’s latest Twitter poll asking whether he should step down as head of the social media platform.
The Dogecoin price rose enormously when it came out that Elon Musk had bought Twitter. Just before the purchase, the DOGE price was still around $0.07. A few days after the purchase, the price had already risen to $0.14. There was a lot of hype about the fact that Musk might integrate the coin on Twitter, but that doesn’t seem to be the case for now. Due to this setback, the DOGE price has fallen sharply in recent days.
Musk’s relationship with Dogecoin
Dogecoin was launched in 2013 as a joke by Jackson Palmer. But the coin soon seemed to be more than just a joke. Investors started collecting the coin and it soon became apparent that the richest man in the world, Elon Musk, was a big fan of Dogecoin. Partly due to all the attention Musk paid to the meme-coin, Dogecoin rose to great heights
It was good news, then, when leaked reports hinted that Musk was planning to build a payment system in Twitter. Many speculated that it would use dogecoin, as it was Musk’s cryptocurrency of choice. Musk reportedly put those plans on hold after completing the Twitter purchase.
Doubts about Musk’s leadership
Despite Twitter having more users than ever, many have questioned Musk’s leadership when it comes to Twitter. One of those critics is the co-founder of Ethereum Vitalik Buterin. He said Musk’s decision to ban Twitter accounts that wrote “bad” things about Musk was very damaging to the social media platform. According to Buterin, Musk was even on a path to authoritarianism.
Buterin was not alone, by the way. Many users disagreed with Musk, which is why the multi-billionaire set up a poll on whether he should still remain CEO of the platform. A majority of users voted ‘no’. And Musk has said it will abide by the poll results.
According to many, this could mean bad news for Dogecoin investors. The man who has given so much love to the meme-coin will no longer be in charge of integrating DOGE payments on the platform.