Elon Musk has come under fire amid the recent policy changes on Twitter. Over the past few days, Musk has been at the forefront of some major policy changes on Twitter. This led to several account suspensions and a lot more drama. Meanwhile, the Dogecoin (DOGE) price has declined. Here are the details…
Elon Musk may step down as Twitter chairman
Amidst all the chaos, Musk shared a Twitter poll asking if he should step down as head of Twitter. The billionaire also said he would abide by the results of the survey. The development came as Musk was looking for new investors for his social media platform. As of writing, 13.5 million votes were cast. 56.7 percent of the respondents answered “yes”. The final decision came just 45 days after Twitter took over.
There have been major policy changes to the social media platform since Musk took over. This includes hiring half of their staff and bringing back some previously blocked accounts. There’s also a lot of chatter on Wall Street that Musk’s Twitter antics are negatively impacting Tesla stock.
Twitter has blocked journalists’ accounts
As Cryptokoin.com reported, Twitter was going to work to restore freedom of expression on the platform. But in a one-of-a-kind initiative, he banned several journalists from CNN and The Washington Post, claiming they had disclosed his position. However, this move has been described as a “dangerous precedent” by the United Nations as well as the American Civil Liberties Union. So it was the scene of great condemnation.
Over the weekend, Twitter also announced policy changes, saying it would only ban accounts created to promote other social media platforms. However, this led to the suspension of one of the most prominent accounts. This caused Musk to step in. He said he would make several adjustments to the policy just hours after it was implemented.
These rapid changes in Twitter policy have also made it harder for users and advertisers to cope. It also created a huge unpredictability with the content. Musk fixed his behavior. “Going forward, there will be a vote for major policy changes. Sorry. It will not happen again,” he said.
Latest situation in Dogecoin price
Amid the recent sell-off in the crypto market, Dogecoin price witnessed a directional drop, which brought its price down to the $0.074 monthly support. However, the weak uptrend from the said support indicates that prices will eventually revert to the previous bearish trend, according to experts. DOGE price is changing hands at $0.078, down 2%.
Given whether the buying pressure persists, prices could make a temporary rally that could retest the $0.0827 or $0.090 upside resistance. However, with a higher probability of breaking the $0.074 support, Dogecoin price will continue its ongoing decline and drop 15.5% to reach $0.065. Currently, the resistance level is $0.82 and $0.092, according to analysts. Support levels are at $0.074 and $0.065.