What do changes to Twitter mean for Dogecoin?

The Twitter takeover by Elon Musk has driven the Dogecoin price higher at various points in the last few weeks. This was because the CEO of Tesla and SpaceX has long been a firm supporter of the coin. Several of his tweets and statements have previously been seen to influence the coin's position. However, revelations made recently about Musk's plans for Twitter have not been favourable to Dogecoin.

Musk wants Twitter to have new leaders.

Musk revealed on Wednesday that he expects his time at Twitter to be reduced as he looks for new leadership for the company. He previously fired CEO Parag Agrawal, other top executives, and the entire board of directors. Now, the billionaire intends to hire someone to run the social media company in his place.

Musk revealed this during his testimony in Delaware court in defence of Tesla's $56 billion pay package. He explained that he would stay for the time being because the company needed to be reorganised as a result of the acquisition. He does, however, explain that once Twitter is in a strong position, he will bring in new leadership.

Jack Dorsey, the former CEO and founder of Twitter, had responded negatively to a question about whether he would be open to returning as CEO. Dorsey is already working with BlueSky, a decentralised social media competitor to Twitter.

Dogecoin Twitter impact

Dogecoin's value has recently been tied to the possibility that Elon Musk will initiate a Dogecoin Twitter integration Initially, making DOGE one of the cryptos used for the "Tip Jar" feature was expected. However, there are now calls for the memecoin to be added as a payment mode for "Twitter Blue".

However, Musk has yet to say anything definitive about a Dogecoin Twitter integration. This is despite the Tesla CEO's continued support for DOGE and promotion of it as the "people" crypto.

Dogecoin (DOGE) has dropped 20.10% to $0.08, following the broader market sell-off and in response to FTX and Binance's moves.

Investors are concerned that Dogecoin's decline could be a starting point for price destruction. These jitters may end the DOGE bull run in 2022 with a year-end price of $0.06.