Elon Musk’s takeover of Twitter pushed the price of Dogecoin higher at various points in the last couple of weeks. This was due to the billionaire’s relationship with the meme coin in the past. However, recent revelations about Musk’s plans for the social media platform have not really been in favor of Dogecoin and the most recent one follows in this same direction.
Musk Wants New Leadership For Twitter
Naturally, it was expected that Musk would have to put in the work for Twitter to get a good return on his $44 billion investment to purchase it. Since then, there have been various changes as the company goes through the change and settles into its new leadership. However, it does not look like Musk plans to stay on for long.
On Wednesday, Musk revealed that he expects that his time spent at Twitter will reduce as he plans to find new leadership for the company. Musk had previously fired CEO Parag Agrawal and other high-ranking executives, as well as the entire board. Now, the billionaire plans to find a replacement to run Twitter in his stead.
Musk revealed this during his testimony in defense of a Tesla $56 billion pay package in a Delaware court. He explained that he will remain for the time being as the company needed to be reorganized following the acquisition. But he explains that once Twitter was in a strong position, he would be bringing on new leadership.
Previous CEO and founder of Twitter Jack Dorsey had actually responded in the negative to a question asking if he would actually be open to returning as CEO. Dorsey is already working on a decentralized social media competitor for Twitter called BlueSky.
How Does This Affect Dogecoin?
Lately, Dogecoin’s value has been hanging on the possibility that Elon Musk would somehow integrate it into Twitter. At first, it was the expected addition of DOGE as one of the cryptocurrencies used for the “Tip Jar” feature, but now there are calls that the meme coin is added as a mode of payment for “Twitter Blue.”
DOGE price holds above $0.08 | Source: DOGEUSD on TradingView.com
However, there has been nothing definitive from Musk regarding integrating Dogecoin into the social media platform. This is despite the Tesla CEO continuing to show support for DOGE and promoting it as one of the cryptocurrencies with a future in the market.
If Musk eventually chooses a new leader for the social media company that doesn’t support crypto, it could adversely affect the price of DOGE. But given that crypto is already a part of Twitter and Musk is an evangelist for the digital assets, it is unlikely that he would appoint someone antagonistic towards crypto.
For now, Dogecoin is still following the general bear market trend. It is trading at $0.085 at the time of this writing and is the eighth-largest cryptocurrency with a market cap of $11.4 billion.
Featured image from KnowTechie, chart from TradingView.com
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