Dogecoin price has been struggling for the past few days, and it is believed that it may be because of the actions of Tesla CEO, after all, Musk’s favorite crypto is Dogecoin.

Dogecoin price decreased in the past 5 days – a decrease of 6.53%. This decrease is likely due to Musk’s decision to step down after a poll that saw the majority favor his resignation as the CEO of Twitter.

Early Wednesday, the Memecoin had already lost 20% of its value over a span of 7 days. Much of the loss occurred after Musk’s poll, with the price of Meme Coin plunging by more than 10% soon after the results were revealed.

Why is Elon Musk planning to resign as Twitter CEO?

Musk tweeted a poll asking users whether he should step down as the CEO on December 19th and said he would ‘abide by the results.’ The poll results indicate people don’t want him to serve as CEO.

Approximately 17,502,391 users voted on the opinion poll—around 10,063,874 voted “Yes” (~57.5%)and the remaining 7,438,516 voted “No” (42.5%).

While replying on the same Twitter thread, Musk said: “I will resign as CEO if I find someone foolish enough to take the job! After that, I will just run the software & servers teams.”  

What does the Dogecoin chart say? 

The price action of Dogecoin shows lower highs forming below the resistance trendline. Recently buyers failed to hold the price above the $0.10 mark. Presently, Bears are aiming to drag the dogecoin price toward a buyer hedge zone before any significant price recovery. Long term outlook does not look good for buyers as assets lost nearly 30% in the last 22 days of this month.        

According to data from CoinMarketCap, Dogecoin holds 8th position in the crypto market as the market capitalization. At the time of writing, DOGE is trading $0.07411 with 24-hour trading volume around $255,961,192. 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.