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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Elon Musk Stepping Down as Twitter CEO, Will This Be The End of Dogecoin?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
2 mins read
Elon Musk Dogecoin

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Elon Musk, the owner of Twitter and a big supporter of Dogecoin, the original meme coin, is stepping down as the CEO of the social media platform to focus on product development. He will act as the chief technology officer (CTO) of Twitter.

Elon Musk Stepping Down As Twitter CEO

In a Tweet on late May 11, the technology billionaire said 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 April 2023 peak and likely to slide even lower following this announcement.

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Musk is an ardent supporter of cryptocurrencies and has specifically expressed his admiration for DOGE, the meme token. In numerous instances, DOGE prices have rallied following comments from Musk, mostly posted on Twitter.

Like most meme coins, some argue that DOGE has no fundamental value, with supporters keen on riding the coin’s bullish and bearish cycles. During the last bull cycle, DOGE rallied to over $0.70, peaking when Elon Musk appeared on Saturday Night Live (SNL) show saying he was the “Doge master.” 

Over the past few months, DOGE has crashed by over 85%, slumping to $0.05 in Q4 2022. However, this didn’t prevent Elon Musk from tweeting about the project.

Dogecoin Price On May 11: Source: DOGEUSDT On Binance, TradingView
Dogecoin Price On May 11: Source: DOGEUSDT On Binance, TradingView

In April, DOGE prices rocketed when Twitter, the company Musk presently leads, temporarily changed its logo to the Shiba Inu dog associated with the meme project. 

In response, DOGE spiked, adding as much as $4 billion, surging from around $0.07 to $0.10. Musk said he delivered on his promise by temporarily replacing the blue bird logo representing Twitter with Shiba Inu.

As promised pic.twitter.com/Jc1TnAqxAV

— Elon Musk (@elonmusk) April 3, 2023

Sued For Supporting Dogecoin

Last month, the billionaire asked a United States court to dismiss the $258 billion racketeering lawsuit. In the case, Musk is accused of running a scheme to support DOGE. 

An extract from the lawsuit reads:

Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.

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How DOGE reacts in the days ahead is yet to be seen, with Elon Musk stepping down as the CEO of Twitter.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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