Dogecoin’s price fell by over 10% on 20 December. And, at press time, it was trading at $0.07, following Twitter CEO Elon Musk’s latest poll on the social media platform asking if he should step down as the head of Twitter.
While 57.5% of voters agreed that Musk should step down, 42.5% insisted that he stays in his position.
Fears of a recession and the failure of several prominent companies, including FTX, have weighed heavily on the crypto market and the broader tech industry.
On the morning of 20 December, Bitcoin, Ethereum, the S&P 500, NASDAQ, and Dow Jones Industrial Average were all down by 1-2%.
Musk’s fascination with Dogecoin
Jackson Palmer with Billy Markus started Dogecoin as a joke in 2013. Musk has, time and again, praised the meme coin over the past few years.
Dogecoin’s value had skyrocketed since Musk purchased Twitter in late October. When he officially purchased Twitter on 27 October, the price of Dogecoin was $0.07. The coin was trading at $0.14 on 1 November, and it has since continued to fall and rise.
Even the year’s highest price for Dogecoin is a far cry from its all-time high (ATH) of $0.73 in May 2021, just before Musk’s appearance on Saturday Night Live. The coin lost over 90% of its value by June 2022.
Leaked messages in June 2022 suggested that Musk planned to build a payment system into Twitter, and many speculated that it would use Dogecoin, Musk’s favorite cryptocurrency. Musk reportedly put those plans on hold after purchasing Twitter.
Despite Musk’s love of Dogecoin, his company Tesla has yet to invest in the meme coin and currently holds $218 million in Bitcoin.
Elon Musk has repeatedly taken to Twitter Polls to assess community opinion on different Twitter policies, including the reinstatement of previously banned accounts and now whether he should remain in charge of the site.