The Dogecoin (DOGE) price has performed well in recent months despite the difficult market situation. This was partly due to the takeover of the Twitter platform by the well-known US billionaire. But now Musk could resign as CEO of the company after just a few weeks. Will Dogecoin die as a result?
How did Dogecoin Perform in the last few weeks?
The Dogecoin course has seen an increase in the last few weeks, but later also a very changeable course. At the end of October, the Altcoin rally at the time started a massive rise in the DOGE price, with the meme coin more than doubling in value. Large parts of the rise were subsequently lost again with the FTX crash.
At the end of November, the Dogecoin price was also able to rise again. But in the last few weeks, we have seen consolidation again. Overall, the Dogecoin price has risen by a third since the end of October.
Why was Dogecoin able to outperform many of the other coins?
Dogecoin has made a plus in the last 3 months. It is one of the few coins among the top cryptocurrencies. On the one hand, this was due to the fact that the altcoin rally had brought high profits for the DOGE, which were not completely wiped out by the FTX crash.
Furthermore, Dogecoin has probably benefited the most from the takeover of Twitter by Elon Musk. Musk is considered a fan of Dogecoin. In this mixed situation, the Dogecoin price was able to rise slightly overall in the last few weeks despite the bear market and even came in 8th place among the cryptocurrencies by market capitalization.
Will Elon Musk step down as CEO of Twitter?
Elon Musk’s takeover of Twitter has sparked much controversy. But the crypto space is generally positive about the Musk takeover. The owner of Tesla and SpaceX has unbanned many accounts from Twitter and has spoken out against censorship on the platform. Many users report a better user experience on Twitter since Musk acquired the company.
Now, however, Musk has surprisingly started a poll as to whether he should step down as head of Twitter. More than 57% of the participating users voted yes.
A controversy with journalists arose before the poll. They had shared links on Twitter, on whose pages you could theoretically track the location of Elon Musk’s private jet live. Numerous accounts of journalists were therefore blocked.
We must note, however, that Musk may have already made his decision prior to this poll and likely already has a successor in mind. It was clear to him that he wanted to give up the executive position on Twitter quickly.
Will Dogecoin Die after Elon Musk resigns?
The Dogecoin price had risen, among other things, because of the hope of investors that Musk could use Twitter to push the DOGE and the associated, well-known memes more. A resignation as CEO could ensure that the Dogecoin price collapses again in the next few days and weeks.
A complete implosion of Dogecoin seems unlikely. As the full owner of the company, Musk still has tremendous influence over the platform and an account with millions of followers. If Elon wants to push Dogecoin, he can continue to do so very easily.
Is it worth investing in the DOGE now?
The Dogecoin course could collapse again in the short term. But in the long term, we tend to see an upward trend. Should the market become bullish again, we could see the well-known meme coin rallies from the Dogecoin course at any time and more often.
Nevertheless, Dogecoin is of course a very risky asset and you should not be careless with an investment in the DOGE.
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