Dogecoin Drops 2.88% as Elon Musk Replaces ‘DOGE CEO’ on Twitter With New One

Twitter boss and tech billionaire Elon Musk tweeted that he had finally hired a chief executive for his newly acquired social media giant.

Doge Floki is no longer in charge of Twitter, replaced by a human

In that tweet, Musk has again referred to Twitter as “X app” (“Everything app” as he explains this “X” title). The CEO, whose name Musk did not reveal but said that it is a woman, will be starting in approximately six weeks.

Musk’s role in running Twitter will now be as executive chairman and chief technology officer (CTO). He will be overseeing the product, software and system operations.

The community began congratulating Musk on finding a CEO for the company by posting photos of him adjusted via FaceApp, showing the Twitter owner as a woman. Dogecoin co-founder Billy Markus was among those who sent congratulations to Musk.

The official account of Floki (FLOKI) meme coin asked him what will become of the “former CEO” — Musk’s Shiba Inu puppy named Floki after a character from the popular “Vikings” TV series. The fact of Musk giving this name to a Shiba Inu puppy inspired developers to create FLOKI coin.

Congratulations on the new CEO for X/Twitter, @elonmusk!

Speaking of CEOs, what would the position for our favourite doge, #Floki, be going forward? 🤔

— FLOKI (@RealFlokiInu) May 11, 2023

In December, Musk conducted a Twitter poll, where he asked the Twitter community whether they want him to step down as the CEO of the platform or not. Slightly more than 50% of respondents voted “yes.” In total, more than 17.5 million took part in that poll. Musk decided to find out the opinion of the community after he faced severe criticism for several actions to do with banning accounts and links to other social media on Twitter, such as Mastodon.

Dogecoin price goes down

Initially, Musk announced that his “doge” would be the head of Twitter. That pushed the DOGE price higher and provoked a hilarious reaction from the community.

However, now that a “real,” “human” CEO has been found instead of Musk to run Twitter, the price of the meme coin took a dip, falling by nearly 3% within the past 24 hours, according to data provided by CoinMarketCap.