Dogecoin Declines after Survey Calls for Quitting of Elon Musk as Twitter Chief

Bitcoin and Ether prices plummeted alongside the remainder of the top 10 non-stablecoin cryptos during Tuesday early trading in Asia, as fears about the viability of cryptocurrency exchange and a probable worldwide recession seemed to drag on markets. Following a user referendum, Twitter Inc. CEO and memecoin champion Elon Musk is set to stand down from his position as CEO of the social media company.

As per CoinMarketCap, Bitcoin declined 1.8% to US$16,456 in the 24 hours before 8 a.m. in Hong Kong, whilst Ether slid 1.4% to US$1,168. Bitcoin has shed about 2% over the last week, while Ether has fallen over 5%.

In the last twenty-four hours, the worldwide cryptocurrency market capitalization decreased 2.6% to $790 billion, while transaction volume increased 47.3% to $30.81 billion.

Dogecoin fell l9% to US$0.07161 after a Twitter survey in which 57% of more than 17 million participants suggested Musk should resign as CEO. Musk initially said that he would comply by the outcomes of the vote, but he has subsequently stated that he does not yet have a successor.

Musk acquired Twitter for $44 billion and assumed the position of CEO around 50 days ago, despite previously maintaining that he saw the position as temporary. Musk, CEO of electric vehicle maker Tesla Inc. and among the world’s wealthiest men, has pushed the leading memecoin Dogecoin. This includes the possibility of integrating Dogecoin as a payment option on Twitter. Shiba Inu fell 4.8% to US$0.000008171 per share.

Persistent worries over the viability of the world’s biggest cryptocurrency exchange, Binance Global Inc., drove the price of its native token, BNB, down 4.3% to US$240.61. Following the collapse of the FTX exchange last month, Binance issued an assessment of its assets. However, the accounting company that conducted the analysis, Mazars Group, has now ceased working with crypto exchanges, adding to investor fears about utilising such platforms and huge withdrawals.

Cardano dropped by 5.2% to $0.25, while Polygon slid by 5.1% to $0.77. On Monday, U.S. markets closed down. The Dow Jones Industrial Average concluded the day down 0.5%, the S&P 500 Index sank 0.9%, and the Nasdaq Composite Index plummeted 1.5%.

The US Federal Reserve hiked benchmark interest rates by the anticipated 50 basis points on Wednesday, pushing them to a 15-year peak of between 4.25 and 4.5%. However, Federal Reserve Chair Jerome Powell responded with aggressive remarks about future rate rises, heightening fears of a worldwide recession.

On Monday, Tesla shares ended at US$149.87, marking the initial time in almost two years that the firm’s share price fell under US$150. Analysts have said that Musk is excessively concentrated on Twitter. Relative to the S&P 500’s 19.9% loss and the Nasdaq’s 32.6% loss, Tesla shares are down 57.5% year-to-date.