So far, Elon Musk’s experience as Twitter CEO is… not the greatest. The world’s richest man is currently going through a major clash with his own employees in order to get Twitter running. And many wonder if this will affect Dogecoin.
Reports indicate that Musk fired over half of Twitter’s former staff. Meanwhile, the remaining half is also not likely to stay working on the social media platform.
Twitter workers received an ultimatum message about choosing to work “long hours at high intensity” or receive “three months of severance,” — not so difficult of a choice for most of them.
Twitter Blue Debacle
Earlier in the month, Musk’s new enterprise went through one of the first attempts at monetizing the platform by introducing “Twitter Blue”, a feature that allowed users to purchase the trademarked verification mark for the price of eight dollars.
However, the move as it turned out ended up being a shot to the foot. Several new accounts began impersonating major influential figures like former presidents and company CEOs.
One person set up a “verified” account for the former President of the United States, George W. Bush. In it, the person tweeted things like “I really miss killing Iraqis,”.
What at first might seem comical, gets serious really quickly when we see cases like the one about someone impersonating an account of a major pharmaceutical company. The event caused its shares to crash in the process.
A good chunk of Twitter’s money-making process is from advertisers promoting products and services on the platform. Needless to say, advertisers became weary of putting money in a platform that can’t even moderate itself from glaring fake accounts influencing other businesses’ assets.
The deal for the acquisition happened during one of the United States’ highest interest rates ever. That resulted in Twitter’s new owner having to pay up to a billion dollars in interest, per year.
So, to say the least, things are difficult for Twitter at the moment.
Dogecoin Not Seeing (Most) of Twitter’s Negative Effects
Throughout the acquisition of Twitter, dogecoin’s price remained closely attached to the process. As soon as the purchase materialized — the meme coin went through a 33% raise in its value. When the company announced a halt for the creation of a Twitter crypto wallet, DOGE’s value went down by 13%.
This means that for the last couple of months, dogecoin became a mirror for Twitter’s positive, and negative market reactions.
However, the world’s largest meme coin seems to be going unscathed from Twitter’s most recent employee crisis, at least so far.
Undoubtedly if Twitter goes down, Dogecoin will go through a major depreciation. But as of right now, the cryptocurrency is not going through the expected downward trend during one of the tensest Twitter crises in its history.
DOGE’s price has increased by 1% in the last 24 hours, reaching $0,085864, representing a 43% increase in the last month.
The token owes it to Elon Musk’s acquisition of Twitter for $44 billion, but now with the company in disarray, DOGE remains on the tightrope, waiting for the next chapter in Elon Musk’s new venture.