Dogecoin, the cryptocurrency that emerged from a well-known internet meme, has undergone a 2.88% decline in its worth. This occurred subsequent to Elon Musk’s tweet about appointing a new CEO for his social media platform. The billionaire entrepreneur utilized Twitter to disclose that he had discovered an appropriate candidate for the job.
New Twitter CEO On the Way
In a recent tweet, Elon Musk referred to Twitter as the “X app” and revealed that a woman, whose identity he did not disclose, will take over as the new CEO in approximately six weeks.
Elon Musk has assumed a fresh position at Twitter as the executive chairman and CTO, with responsibilities to oversee the management of the product, software, and system operations. The community celebrated his announcement with congratulations and shared photos of Musk that had been edited using FaceApp to portray him as a woman.
Billy Markus, one of the co-founders of Dogecoin, added his voice to those congratulating Elon Musk. The official account of the Floki (FLOKI) meme coin jokingly asked about the well-being of Musk’s Shiba Inu puppy, Floki, who was named after a character from the “Vikings” television series. Musk’s choice to name his dog after the character served as the inspiration for the developers who created the FLOKI coin.
Last December, Musk conducted a Twitter poll to determine whether he should continue as the platform’s CEO or not. The poll garnered more than 17.5 million votes, with a slim majority of respondents voting “yes.” Musk initiated the poll in response to the significant criticism he received for banning accounts and links to other social media platforms, such as Mastodon.
The Doge Fluctuation
On the 3rd of April, the worth of Dogecoin experienced a rapid surge to $0.08 after Elon Musk chose to substitute its renowned blue bird emblem of Twitter with the Shiba Inu of Dogecoin.
Elon Musk is an unwavering advocate of Dogecoin, and has also supported crypto payments in his other company Tesla Inc. Despite around a 3% decrease in its value, Dogecoin remains the eighth most valuable cryptocurrency, according to CoinMarketCap’s data, with the current value of $0.71.
Also read: Bitcoin’s Volatility Triggers Liquidation, Surpassing $190 Million
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