Blockchain News

Here’s How Dogecoin Reacted to Elon Musk’s Declaration to Drop the Twitter Mantle

Elon Musk’s recent announcement of stepping down as CEO of Twitter has sent ripples through the Dogecoin (DOGE) community. This meme-inspired cryptocurrency has long been a beneficiary of Musk’s tweets, which have caused significant price movements in the digital asset space. Beyond the price action, the meme has also enjoyed several stints of Musk’s attempts to integrate a Dogecoin payment structure.

Musk’s tweet about the possibility of a meme-admirer replacement like himself at Twitter’s helm of affairs has left the DOGE community questioning the future of their favorite coin. As of press time, Musk hasn’t responded to these concerns. Yet, in the aftermath of the announcement, active addresses surged, indicating increased DOGE users within the period.

The impact on social dominance has been casual, with DOGE taking only a fraction of the discussions on social platforms. However, traders have taken cues from the development. Coinglass reported a substantial increase in futures open interest across most exchanges, indicating increased demand for potential profits from DOGE’s price action.

Meanwhile, the DOGE long/short ratio was 1.01, suggesting that most traders looked forward to a positive reaction from DOGE. This indicator measures investor expectations, and a rising ratio indicates that long positions outpaced shorts.

Elon Musk has not named his successor as of this writing, but the Financial Times reported speculation that Linda Yaccarino was the anointed one. As the DOGE community adjusts to Musk’s decision to step down as Twitter’s CEO, they must watch for any changes in the cryptocurrency’s price movements and payment structure.


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