Following Elon Musk’s most recent Twitter poll asking if he should resign as CEO of the social media platform, Dogecoin’s price fell more than 10% today and is now trading at $0.07.
Fears of a recession and the demise of a number of well-known businesses, notably FTX, have recently taken a toll on the cryptocurrency market and the larger tech sector.
Today’s declines in the S&P 500, NASDAQ, Dow Jones Industrial Average, Bitcoin, Ethereum, and other major indices totaled one to two percent. According to Yahoo!, all three major indices experienced a fourth straight day of declines, hitting six-week lows.
Since the former richest man in the world acquired Twitter in October, the price of the original meme coin has increased. When Musk formally acquired Twitter on October 27, Dogecoin was worth $0.07 at the time. According to CoinGecko, on November 1 dogecoin was trading at $0.14 and has fluctuated ever since.
Even Dogecoin’s highest price of the year is a significant drop from the all-time high it reached in May 2021, just before Elon Musk’s appearance on Saturday Night Live, of $0.73. However, the coin had lost more than 90% of its value by June 2022.
