Elon Musk's acquisition of Twitter has pushed up the price of Dogecoin at different points in the past few weeks. This is due to the billionaire's past relationship with meme coins
Elon Musk's acquisition of Twitter has pushed up the price of Dogecoin at different points in the past few weeks. This is due to the billionaire's past relationship with meme coins. However, the recent disclosure of the plan of the social media platform of Musk does not really support Dogecoin, and the recent disclosure also goes in the same direction.
Musk hopes Twitter has a new leadership team
People expect Musk to put in effort for Twitter in order to receive substantial returns from his $44 billion investment. Since then, various changes have occurred as the company undergoes changes and adapts to new leadership. However, it seems that Musk does not intend to stay in office for the long term.
On Wednesday, Musk revealed that he expects his time on Twitter to decrease as he plans to find new leadership for the company. Musk previously fired CEO PagAgrawal and other senior management personnel, as well as the entire board of directors. Now, the billionaire plans to find a replacement to run Twitter on his behalf.
Musk revealed this when he defended Tesla's $56 billion compensation plan in a Delaware court. He explained that he will stay temporarily because the company needs to be restructured after the acquisition. But he explained that once Twitter is in a strong position, he will bring new leadership.
Jack Dorsey, the former CEO and founder of Twitter, actually gave a negative answer when asked if he was really willing to assume the position of CEO again. Dorsey is already developing a decentralized social media competitor called BlueSky for Twitter.
How does this affect Dogecoin?
Recently, the value of Dogecoin has always depended on the possibility of ElonMusk integrating it into Twitter in some way. At first, people hoped to add DOGE as one of the Cryptocurrency used for the "TipJar" function, but now some people call for adding meme coins as the payment method of "TwitterBlue".
However, Musk did not give any clear statement about integrating Dogecoin into social media platforms. Although the CEO of Tesla continues to support DOGE and promote it as one of the Cryptocurrency with future prospects in the market.
If Musk finally chooses a new leader for this social media company that does not support Cryptocurrency, it may have a negative impact on the price of DOGE. But since Cryptocurrency is already a part of Twitter, and Musk is a disseminator of digital assets, he is unlikely to appoint people who oppose Cryptocurrency.
At present, the Dogecoin is still following the general trend of the bear market. At the time of writing, its trading price was $0.085, making it the eighth largest Cryptocurrency with a market capitalization of $11.4 billion.
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