Dogecoin drops after Elon Musk steps down as Twitter CEO

Earlier you could read in the altcoin news that Elon Musk had posted a Twitter poll in which he had his 122 million followers vote on whether to step down as head of Twitter. It was awaiting a response from the owner of the social media platform, as 57.5% said he should step down as CEO of Twitter.

Setback for dogecoin

The billionaire tweeted yesterday that he will keep his word and step down as CEO. However, he indicated that he must first have a replacement who can take over the throne. He also stated that after that he will only lead the software and server teams.

The performance of dogecoin (DOGE) in the current bear market was largely due to Musk’s acquisition of Twitter. holders of dogecoin were hopeful for an integration of the popular memecoin on the platform, but now see their chances go up in smoke after Musk will no longer be at the helm.

Musk and dogecoin were inextricably linked and the billionaire regularly flirted with the meme coin. For example, you could recently read what Musk’s most important tweets related to dogecoin were from the past year. Each of the tweets managed to influence the price, often in a positive way. However, dogecoin, despite all the flirtations and rumors, has not managed to secure a role on Musk’s social media platform to this day.

DOGE rate reacts

Over the past seven days, DOGE’s share price is nearly 16% in the red, according to data from CoinMarketCap. However, the stock seems unresponsive to Musk’s most recent tweet officially announcing that he will be stepping down as CEO. A large part of the price drop already took place in response to the Twitter poll, in which people quickly came to the conclusion that a majority would rather see him resign.

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