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Musk’s position as CEO helped DOGE price to gain a massive 150%, therefore, fears for the meme-based cryptocurrency may be justified at this point.
On May 11, Tesla CEO Elon Musk officially announced that he was stepping down from his position as Twitter CEO. According to his tweet, he will now assume the new roles of executive chairman and chief technology officer. Recall that Musk has long insisted on having no plans to be a permanent CEO at Twitter. In fact, moments after buying the platform for $44 billion last October, he told a Delaware court that he was looking for someone to replace him. Part of his court statement read:
“I expect to reduce my time at Twitter and find somebody else to run Twitter over time.”
However, now that he has been true to his words, one cannot help but wonder what fate lies ahead for Dogecoin (DOGE) – the meme token linked to him.
Musk’s Relationship with Dogecoin (DOGE)
Musk has always been quite vocal about his support for the coin. He often shares his belief that DOGE offers better payment functionality than Bitcoin (BTC) at every opportunity he gets.
Also, his constant commentaries about the cryptocurrency were enough to earn him nicknames such as “The Dogefather” and “Slumdoge Millionaire”.
But more than the names, Musk wielded an unimaginable influence to the point that a single tweet or action from him is powerful enough to trigger market fluctuations.
To put the above into perspective, Dogecoin (DOGE) surged more than 25% on April 3 after Elon Musk’s Twitter replaced its familiar blue bird with the cryptocurrency’s iconic Shiba Inu dog logo.
A few days later, DOGE plummeted as soon as Twitter dropped the Shiba Inu logo to return to its original blue bird logo.
What Does the Future Hold?
It should be noted that Musk stepping down as CEO does not entirely ban him from the platform. So, essentially, his influence remains intact even as executive chairman or chief technology officer of Twitter. But bearing in mind that his position as CEO helped DOGE price to gain a massive 150%, fears for the meme-based cryptocurrency may be justified at this point.
But roles aside, if Musk keeps tweeting about Dogecoin, then the tweets will continue to impact the cryptocurrency’s trajectory and influence the general market.