The cryptocurrency market is still feeling the aftershocks of the FTX collapse, and Dogecoin (DOGE), one of the favorite tokens of Tesla (NASDAQ: TSLA) and Twitter CEO Elon Musk, is under pressure as the community seems to support his resignation as the head of the social network.
Indeed, Musk posted a poll asking the community whether he should step down as head of Twitter (NYSE: TWTR) and promising to respect the poll results. By press time, the majority (57.6%) of poll participants said ‘Yes,’ out of over 16.7 million votes as of December 19.
Interestingly, Ethereum (ETH) founder Vitalik Buterin commented on Musk’s poll, which currently has 42.4% of pollsters voting that he shouldn’t step down, expressing his respect for deciding to post and abide by the public opinion poll.
DOGE reacts to poll
Meanwhile, the price of Dogecoin has been recording a downward trend, as the meme token was changing hands at $0.07812, declining 0.03% on the day, 12.36% across the week, and 7.06% compared to the previous 30 days, as the charts demonstrate.
DOGE 7-day price chart. Source: Finbold
With a market capitalization of $10.36 billion, the meme dog coin remains the eighth-largest cryptocurrency by this indicator after previously unseating Cardano (ADA) from this position, as per CoinMarketCap data on December 19.
The Musk effect
Historically, the market movements of Dogecoin had the tendency to follow the developments surrounding the Tesla CEO, whether positive or negative, including an influx of $5 billion into its market cap in five weeks upon Musk’s acquisition of Twitter.
Earlier, the price of Dogecoin had gained 8% upon rumors that Musk and Buterin were planning to work together to upgrade DOGE, as well as soaring 25% in a week upon the news that the launch of the DOGE-1 lunar satellite was fast approaching.