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Dogecoin: These metrics spike as Elon Musk reveals ‘dog-themed’ CEO
Written by Written by Saman Waris
Reviewed by Reviewed by Saman Waris
Updated February 15, 2023
Dogecoin news
  • Dogecoin’s social volume and positive sentiment increased as the Twitter CEO admitted to a future step down.
  • Conversations between Elon Musk and DOGE creator fueled talks of a meme lover takeover.

Once again, Elon Musk has left the Dogecoin [DOGE] community bewildered about what role the meme cryptocurrency might play in his Twitter rebrand. Prior to the latest links, the Dogecoin enthusiasts had hoped that Musk would consider the meme coin as the payment currency for the micro-blogging platform. But that has yielded no fruit.

How much are 1,10,100 DOGEs worth today?

The CEO, a revered DOGE admirer, tweeted a dog-like new CEO on 14 February. This action sparked reactions with some hinting that the new CEO would be Musk-like in terms of the likeness for DOGE.

Hikes in the DOGE territory

The DOGE value went up 5.28% hours after the tweet. However, the price action was not facet impacted by the Musk tweet. On-chain analysis showed that social volume went as high as 1516 until the early hours of 15 February.

The social volume is built upon the number of text documents containing the search for an asset within an interval. So, the hike meant that investors were rapidly on the lookout for DOGE amid the event. But that was not the lone ranger in the movement.

According to data from Santiment, the positive sentiment toward DOGE dashed up the ladder to 985. But information as at press time showed that the excitement hovering around the coin had dwindled.

Dogecoin social volume and positive sentiment
Source: Santiment

Earlier, Musk confirmed that he would leave the position by the end of 2023 and ensure a smooth sail for a new head, Bloomberg reported. 

Although the Twitter Chief noted that he needed to put things in order for the smooth transition of a new CEO. Addressing Twitter’s struggles to hit significant profitability, Musk said,

“I need to stabilize the organization and just make sure it;s in a financially healthy place and the product roadmap is clearly laid out.”

A meme supporter to replace the man?

Interestingly, there was a follow-up conversation to the controversial tweet. Musk added, “So much better than that other guy!” under the thread as Dogecoin’s co-creator, Billy Markus, replied.

https://twitter.com/BillyM2k/status/1625696493960327168

Realistic or not, here’s DOGE’s market cap in BTC’s terms

This conversation sparked further conversations as Musk fueled more speculation by retweeting a “DOGE-themed’ board of directors posted by one of the project’s designers.

Despite the side-to-side discussions, Musk remained tight-lipped about who the anointed one was. However, the Dogecoin community continued to keep their hopes high at press time.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Saman Waris

Editor

Saman Waris works as a Senior News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins.

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