Today, Dogecoin price has at one time dropped more than 10%, mainly because the majority of Twitter users supported the proposal that Elon Musk should step down as head of Twitter.
Yesterday on Dec 19, Twitter said it will no longer allow users to promote other social media accounts on its platform. Twitter users, of course, are unhappy with this new policy, calling it a serious violation of freedom of speech, which Elon Musk has vowed to put first after taking over Twitter.
In response, Twitter removed the policy, Elon Musk also said he would consult the community for other important updates in the future. More notably, Twitter’s interim CEO set up a vote, asked if he should step down as head of Twitter and pledged to abide by the results of the poll.
The vote ended on the evening of Dec 19 with more than 17.5 million votes, 57.5% of which said “Yes” to Elon Musk’s proposal to resign. It is not clear what Elon Musk will do next with Twitter, but it is more than enough to cause DOGE to drop, especially with recent rumors that Elon Musk might accept DOGE payments for Twitter services.
DOGE price today once dropped to $0.06997, down more than 10% over the last 24 hours. Compared to the peak of $0.15 on November 1, when Elon Musk’s takeover of Twitter was officially confirmed, Dogecoin has lost 50% of its value.
However, an interesting fact is that Dogecoin currently has a market cap of $9.5 billion, making it the 8th largest cryptocurrency in the world. Meanwhile, the largest US crypto exchange Coinbase – the first major crypto company to list its shares on a US stock exchange – has a market capitalization of only $7.98 billion.
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