Dogecoin Daddy Elon Musk’s 24/7 Work Schedule Not Helping DOGE Boom

LAGOS (CoinChapter.com) — Twitter’s new owner Elon Musk has lamented that he is working at the absolute most recently following his $44 billion acquisition of the social media company.

Musk a popular supporter of leading meme token Dogecoin stated this while speaking via video link to a business conference on the sidelines of the G20 summit in Bali.

He noted that since acquiring Twitter he has been working from dusk till dawn without rest. Musk said, “I have been working the absolute most amount. From morning til night, seven days a week. I have too much work on my plate that is for sure.”

The Tesla CEO appeared on the screen to address the summit wearing a batik shirt, and looking tired. He was also in a room poorly lit by candles. He, however, clarified that he was speaking from a place that had just lost power.

Musk currently runs four companies in addition to Twitter. He is the CEO of rocket company SpaceX, electric car manufacturers Tesla, brain-chip startup Neuralink and tunneling firm the Boring Company. Moreover, investors in the world’s richest man companies have already expressed displeasure with his way of running the firms.

In fact, Tesla investors have stated that Musk a self-confessed “nanomanager” who has been personally involved in working-level decisions from car styling to supply chain issues is presently distracted at a critical time for the world’s largest electric vehicle maker.

Is The Elon Musk Effect Fading?

Meanwhile, the favorite token of Twitter CEO, Dogecoin has been plummeting despite the support of Elon Musk. Generally, DOGE price always rallies after any triggering statement from the world’s richest man.

However, that hasn’t been the case in recent times as Musk’s recent utterances seem to have no relevant effect on the meme token. Dogecoin price was down more than 25% in the seven days to trade at $0.0859, according to data from Coingecko.

Notably, the meme coin failed to maintain its recent bullish pattern, dropping significantly alongside the entire cryptocurrency market. DOGE’s most recent bull run helped buyers claw back above the $0.11 point after some impressive triple-digit gains.

Unfortunately, the $0.14 resistance was strong enough to fend off the streak of green candles. The resulting consolidation hinted at a bullish pennant structure, but unfortunately, market uncertainty caused a breakdown below this $0.11 mark. In addition to this, DOGE’s 30-day MVRV has turned negative over the last few days, which indicates that bears are much stronger at the moment.

Furthermore, DOGE market cap value has also lost more than $5 billion in the last 7 days. The token at the time of publication has a 24-hour trading volume of $1,5 billion with a circulating supply of 140 billion DOGE coins.

Tesla Stock(TSLA)Price Is Down 50% YTD

Additionally, the stock value of Elon Musk’s electric car company, Tesla has plummeted despite his 24/7 work schedule. According to data from Google shares chart, TSLA’s year-to-date performance has dropped by over 50% as the company continues to reel from Musk’s actions.

Recall that following his acquisition of Twitter, Elon Musk fired around 50% of the company workers. Recently, the company has eliminated another large number of contract employees without any warning.

Notably, around 4,400 to 5,500 contract workers have been sacked by the social media platform. Twitter has stated that the job cuts are part of its “reprioritization and savings exercise.”