Dogecoin has seen a 17% drop in value over the past week, apparently due to a Twitter poll conducted by Elon Musk. In the poll, Musk asked his followers if he should step down as CEO of Twitter. The majority of the over 17 million voters said that it would be a good thing if Musk stepped down, with more than 57% clicking “yes” and indicating they would prefer Musk to move to the background.
Initially, Dogecoin saw a surge in value when Musk took over at Twitter in October. At that time, the Dogecoin value was trading at $0.07. From October 27, the day of the takeover, to November 1, Dogecoin suddenly soared to $0.14.
Since then, the cryptocurrency has struggled and has gradually been falling again. The outcome of the Twitter poll also appears to be doing little to help the project