- Long-standing rumors claimed that the original meme coin would be included in a wallet integration for Twitter.
- According to reports, Musk shelved those ideas after buying Twitter.
- Musk has hinted that Twitter would accept cryptocurrency payments.
Following Elon Musk’s most recent Twitter poll asking if he should resign as CEO of the social media platform, Dogecoin’s price fell more than 10% today and is now trading at $0.07.
Fears of a recession and the demise of several well-known businesses, notably FTX, have recently taken a toll on the cryptocurrency market and the more significant tech sector.
Today’s declines in the S&P 500, NASDAQ, Dow Jones Industrial Average, Bitcoin, Ethereum, and other significant indices totaled one to two percent. According to Yahoo! Finance, all three major indexes dropped for a fourth straight day, reaching six-week lows.
Dogecoin Plummets As Crypto Markets Flash Red
Since the former richest man in the world acquired Twitter in October, the price of the original meme coin has increased. When Musk formally reached Twitter on October 27, Dogecoin was worth $0.07. According to CoinGecko, on November 1, Dogecoin was trading at $0.14 and has fluctuated ever since.
Even Dogecoin’s highest price of the year is a significant drop from its all-time high of in May 2021, just before Elon Musk’s appearance on Saturday Night Live, of $0.73. However, the coin had lost more than 90% of its value by June 2022.
Dogecoin, created by Jackson Palmer as a joke, gained an unusual supporter in Musk, who has praised the virtual currency on social media in recent years. Palmer abandoned the endeavor in 2015, and Musk has engaged in verbal sparring in the press and social media.
Beyond Dogecoin: Elon Musk Explains Why He Bought Twitter
Leaked emails from June 2022 suggested that Musk intended to integrate a payment mechanism into Twitter. Since Dogecoin was Musk’s preferred cryptocurrency, many assumed it would use Dogecoin. According to reports, Musk shelved those ideas after buying Twitter.
Despite Musk’s affection for Dogecoin, Tesla still needs to purchase the joke coin and currently holds $218 million in Bitcoin.
Several messages between Musk and others regarding the future development and investment in Twitter were uncovered during the legal dispute over Musk’s purchase of Twitter, including Jack Dorsey, the former CEO of FTX Sam Bankman-Fried, and others.
Bankman-$3 Fried’s billion investment proposal, according to Musk, tripped his “BS detector.”
Many others have questioned Musk’s management approach to Twitter, including Ethereum co-founder Vitalik Buterin, who claimed that Twitter would go down the “road to totalitarianism” if Musk banned accounts for following the location of the private jet.
Musk has started using Twitter polls to gather community feedback on various Twitter issues, including whether to reinstate previously banned users and whether he should continue to run the service. Musk declared that he would follow the poll’s findings and might put Dogecoin in trouble.