- Dogecoin plunges to a new monthly low.
- The main trigger was once again a tweet from Elon Musk.
- The CEO of Tesla and Twitter has been a key driver of meme currency in the past.
Elon Musk is driving the Dogecoin price crazy, but this time not for the benefit of the community and investors. In the last seven days, the currency itself has fallen by 16%. The DOGE price has already suffered from a bad market climate in recent weeks. Speculation about Dogecoin’s integration and prominence on Twitter caused prices to rise in October.
Soon no CEO of Twitter?
But this time it wasn’t just any tweet Musk made public, but a vote on whether the multi-billionaire should remain CEO of social media platform Twitter.
More than 17 million people took part in the poll, delivering a scathing verdict against Musk. Overall, 57% spoke out against keeping Musk as CEO.
So far, however, the owner has not resigned. However, many experts suspect that very little will change as a result. After all, Musk continues to run one of the platform’s most important accounts and also owns Twitter. This means that the Dogecoin selloff is more likely to be the result of panic among Elon’s followers and less the product of fundamental developments.
Musk and Dogecoin
But this is not the first time that news about the CEO of Tesla and Twitter has resulted in high volatility for Dogecoin. In the past, Musk has driven cryptocurrencies up and down through tweets or other statements.
A popular example happened in the spring of 2021 when Musk wanted to accept Doge as payment for new Teslas. For Dogecoin, which was actually only created as a parody of cryptocurrencies, this was a real use case, staged by Musk.
Of course, the fate of the currency will remain closely linked to that of the multi-billionaire. However, when speculating, investors should keep in mind that this cryptocurrency has no real use case or intrinsic value.