News of Elon Musk stepping down as Twitter's CEO sent the price of cryptocurrency Dogecoin (CRYPTO: DOGE) lower. The move, however, might have been an overreaction, since Dogecoin appears to be supported by the social media platform's new CEO.
What Happened: Elon Musk announced that Linda Yaccarino will become Twitter's new CEO. The announcement on Friday came one day after Musk announced he was stepping down to focus on product design and new technology.
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“@LindaYacc will focus primarily on business operations, while I focus on product design & new technology. Looking forward to working with Linda to transform this platform into X, the everything app,” Musk tweeted.
Yaccarino will begin the role in six weeks, a move that comes after the new Twitter CEO stepped down from her recent role as chairman of global advertising and partnerships at Comcast Corporation (NASDAQ:CMCSA) unit NBCUniversal.
The new Twitter CEO has since seen her follower count rise after Musk's announcement. Yaccarino follows over 1,100 accounts on Twitter, including the official Twitter accounts of cryptocurrencies Shiba Inu (CRYPTO: SHIB) and Dogecoin. She also follows Billy Markus, the co-creator of Dogecoin, and several notable Dogecoin influencers.
Related Link: How To Buy Dogecoin (DOGE)
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Why It’s Important: Dogecoin has seen support over the years from Musk, which has often led to spikes in price and trading volume.
Musk's acquisition of Twitter was seen by many in the cryptocurrency space as a positive, since the social media platform could potentially integrate crypto into payments or other tools.
Musk's exit as CEO, however, sent the price of Dogecoin down, as many believed that the integration would be an afterthought.
With Yaccarino in charge, future integrations on Twitter could still happen.
DOGE Price Action: Dogecoin traded at $0.07189 at the time of writing, up 1% in the last 24 hours. Dogecoin is down 9% in the last seven trading days and has traded between $0.04972 and $0.1572 over the last 52 weeks.
Photo: Shutterstock
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