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DOGE down 2.47%, as Elon Musk breaks Twitter silence following failed poll

By Alara Jordan

Edited by Charlie Mellor


Updated

Representation of a dogecoin meme token featuring a shiba inu dog
Elon Musk’s Twitter poll resulted in a 57.5% majority in favour of him stepping down – Photo: Shutterstock

The price of dogecoin (DOGE) was still declining today – down 1.04% in the past 24 hours – after Elon Musk broke his silence following a Twitter poll of the platform’s users asked whether he should step down as CEO of the social media company.

The poll, in which more than 17.5 million votes were cast, resulted in a 57.5% majority in favour of him leaving the role he took on less than two months ago.

Musk had initially stated that he would abide by the results of the poll. In a Tweet published on Wednesday 21 December, the Twitter CEO said he would resign as chief executive as soon as he finds “someone foolish enough to take the job.”

Musk said that he would continue working with the firm to run the software and servers teams instead.

The price of dogecoin declined following his announcement, and is currently down 1.04% in the last 24 hours, and more than 19% in the last seven days. 

DOGE to USD

Musk: There’s no successor

While Musk remained silent shortly after the results were finalised on Monday 19 December, he admitted that there was no potential successor for his role. “No one wants the job who can actually keep Twitter alive,” tweeted Musk, adding: “There is no successor.”

He also responded to claims about the negative rise of bots on the platform – an issue that Musk has been working to tackle after shutting down automated accounts that tracked the real-time location of his private jet – and whether the automated accounts could have swayed the results of the poll negatively. 

XRP/USD

0.48 Price
+6.230% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,130.46 Price
+0.370% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.11 Price
+0.170% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

57,816.20 Price
+0.350% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

In response to one user who claimed that only Twitter Blue subscribers should be allowed to take part in poll votes going forward, Musk replied: “Good point.” 

“Twitter will make that change,” he added.

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DOGE price plummeted more than 8%

Dogecoin has witnessed a bearish sentiment in recent weeks. However, the possibility of Musk stepping down from his role at Twitter appears to have impacted the price of dogecoin (DOGE), which fell to a low of just under $0.071 after the results of the poll finalised on 19 December.

This price was more than 8% less than the $0.078 dogecoin was trading at on 18 December shortly before Musk asked Twitter users to take part in the poll.

At the time of writing, the meme coin’s price recovered to around the $0.074 – which was still down by 5% compared with its price on 18 December.

The price of DOGE has been previously linked to Musk’s social interactions – in May, Musk tweeted that SpaceX, of which he is CEO, could explore the possibility of accepting dogecoin for payments to purchase SpaceX merchandise. This sent the meme coin rallying by as much as 10%.

Dogecoin’s price surged once again after Musk’s acquisition of Twitter was confirmed on 28 October – DOGE surged from its resistence level of around $0.05, to upwards of $0.13 following the news of the acquisition.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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