Musk and Trump Feud Sparks Dogecoin Decline
Dogecoin plunged 6% in 24 hours following a rare public spat between Elon Musk and Donald Trump. The meme coin, long associated with Musk’s online endorsements, is now caught in political crossfire.
As of Friday, Dogecoin traded near $0.18, down 12% for the week. The drop accelerated as Musk and Trump traded sharp words over a controversial Republican tax and spending bill.
Musk’s Criticism Triggers Market Jitters
The trouble began Tuesday, when Elon Musk posted on X, calling the GOP tax bill a “disgusting abomination.” He added “kill the bill” — a post that quickly went viral and stirred both political and financial debate.
By Thursday, the feud had gone public. Trump, speaking to reporters, said he was “very disappointed” in Musk’s reaction. On Truth Social, Trump accused Musk of turning against him after losing political favor.
Trump claimed he had removed the EV mandate, which allegedly benefited Musk’s companies. “He just went CRAZY,” Trump wrote, suggesting Musk’s response was emotionally driven.
Dogecoin’s Price Reacts to Musk’s Fallout
Dogecoin, a cryptocurrency that has thrived on Musk’s support, began falling Tuesday and continued to slide through Friday. Market analysts attribute the decline directly to Musk’s falling out with Trump.
The price fell from $0.21 to $0.18, and volume surged as traders reacted to the growing feud. For retail holders and traders, Dogecoin’s volatility is nothing new — but the sharp drop came without major macroeconomic news, highlighting the coin’s reliance on public figures.
Political Turmoil Adds to Dogecoin Uncertainty
This public rift raises questions about Dogecoin’s future price support. While still widely traded and loved for its meme value, the coin lacks institutional use cases, making it vulnerable to social sentiment shifts.
Musk’s exit from his role as a “special government employee” under the Department of Government Efficiency further weakens Dogecoin’s perceived political influence.
With Trump signaling no desire to reconcile, uncertainty may persist. A senior White House official stated Friday that the President was not interested in a call with Musk.
Can Dogecoin Rebound from Political Whiplash?
Despite the current dip, some crypto enthusiasts remain optimistic. They note Dogecoin has survived multiple crashes and controversies before — including regulatory pressures and social media manipulation allegations.
However, the coin’s reliance on Musk’s image remains a double-edged sword. Any continued fallout between Musk and major political figures could further damage Dogecoin’s near-term momentum.
Dogecoin’s Fate Tied to Public Sentiment
Dogecoin’s recent tumble reminds traders that in the world of meme coins, influence is everything. Elon Musk’s tweets and public feuds still wield enormous sway over the crypto’s price.
Until Dogecoin decouples from the personalities that helped fuel its rise, it will remain highly reactive to headlines — whether from Wall Street or Washington.