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Elon Musk, the owner of Twitter and a big supporter of Dogecoin, the original meme coin, is stepping down as CEO of the social media platform to focus on product development. He will serve as Chief Technology Officer (CTO) of Twitter.
Elon Musk steps down as CEO of Twitter
In a May 11 tweet, the tech billionaire revealed that Twitter has since hired a CEO, whom she will take over in six weeks.
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!
My role will transition to being exec chair & CTO, overseeing product, software & sysops.
— Elon Musk (@elonmusk) May 11, 2023
Meanwhile, DOGE, like the rest of the crypto market, is down 32% from its peak in April 2023 and is likely to fall even lower after this announcement.
Musk is a strong supporter of cryptocurrencies and has especially expressed his admiration for DOGE, the meme token. In many cases, DOGE prices have risen following Musk’s comments, which were mostly posted on Twitter.
Like most meme coins, some argue that DOGE has no fundamental value, with proponents aiming to exploit the bullish and bearish cycles of the coin. During the last bull cycle, DOGE surged to over $0.70, peaking when Elon Musk appeared on Saturday Night Live (SNL) claiming to be “the master of the doge.”
Over the past few months, DOGE has crashed by more than 85%, dropping to $0.05 in the fourth quarter of 2022. However, this did not stop Elon Musk from tweeting about the project.
Dogecoin Price May 11: Source: DOGEUSDT on Binance, TradingView
In April, DOGE prices skyrocketed when Twitter, the company currently led by Musk, temporarily changed its logo to a Shiba Inu dog associated with the meme project.
In response, DOGE jumped, adding as much as $4 billion, rising from $0.07 to $0.10. Musk said he made good on his promise by temporarily replacing the blue bird logo representing Twitter with a Shiba Inu.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Sued for supporting Dogecoin
Last month, the billionaire asked a US court to dismiss a $258 billion racketeering lawsuit. In the case, Musk is accused of implementing the DOGE support scheme.
An extract from the lawsuit reads:
Defendants have known since 2019 that Dogecoin has no value, but have promoted Dogecoin to profit from its trading. Musk used his pedestal as the richest man in the world to manage and manipulate the Dogecoin pyramid scheme for profit, exposure and entertainment.
How DOGE will react in the coming days remains to be seen as Elon Musk steps down as Twitter CEO.