Dogecoin’s value fell by over 10% on 20 December. And, at press time, it was buying and selling at $0.07, following Twitter CEO Elon Musk’s newest poll on the social media platform asking if he ought to step down as the top of Twitter.

Whereas 57.5% of voters agreed that Musk ought to step down, 42.5% insisted that he stays in his place.

Fears of a recession and the failure of a number of outstanding corporations, together with FTX, have weighed closely on the crypto market and the broader tech business.

On the morning of 20 December, Bitcoin, Ethereum, the S&P 500, NASDAQ, and Dow Jones Industrial Common had been all down by 1-2%.

Musk’s fascination with Dogecoin

Jackson Palmer with Billy Markus began Dogecoin as a joke in 2013. Musk has, repeatedly, praised the meme coin over the previous few years.

Dogecoin’s worth had skyrocketed since Musk purchased Twitter in late October. When he formally bought Twitter on 27 October, the worth of Dogecoin was $0.07. The coin was buying and selling at $0.14 on 1 November, and it has since continued to fall and rise.

Even the yr’s highest value for Dogecoin is a far cry from its all-time excessive (ATH) of $0.73 in Might 2021, simply earlier than Musk’s appearance on Saturday Night time Stay. The coin misplaced over 90% of its worth by June 2022.

Leaked messages in June 2022 prompt that Musk deliberate to construct a fee system into Twitter, and plenty of speculated that it could use Dogecoin, Musk’s favourite cryptocurrency. Musk reportedly put those plans on hold after buying Twitter.

Regardless of Musk’s love of Dogecoin, his firm Tesla has but to put money into the meme coin and presently holds $218 million in Bitcoin.

Elon Musk has repeatedly taken to Twitter Polls to evaluate neighborhood opinion on completely different Twitter insurance policies, together with the reinstatement of beforehand banned accounts and now whether or not he ought to stay accountable for the location.

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