- Dogecoin dropped sharply after a public disagreement between Elon Musk and Donald Trump.
- Musk, a vocal supporter of the coin, criticized the latest Republican tax and spending bill.
- The price of Dogecoin fell by 6% within 24 hours and was down 12% over the past week.
- The dispute intensified with both Musk and Trump posting critical messages about each other on social media.
- Trump said he has no interest in further discussions with Musk, according to a senior White House official.
Dogecoin experienced a notable price decline this past week as Elon Musk and former President Donald Trump exchanged public criticism over the recent Republican tax and spending bill. The cryptocurrency’s value dropped 6% in 24 hours, reaching around $0.18 on Friday, and was down 12% for the week.
Public exchanges between Musk and Trump were posted on their respective social media platforms. The tension grew after Musk described the proposed legislation as a "Tesla-xai-elon-musk-2025-6?utm_medium=referral&utm_source=yahoo.com” rel=”nofollow noopener”>disgusting abomination" and urged lawmakers to "kill the bill" on X. In response, Trump told reporters he was "very disappointed" with Musk’s reaction and wrote on Truth Social: "Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!"
The dispute marked the first public break in the relationship between the two, with additional posts from Trump stating, "I don’t mind Elon turning against me, but he should have done so months ago." Hopes for reconciliation between the two faded after a senior White House official told NBC that Trump was not interested in speaking with Musk.
The price fall for Dogecoin began early in the week when Musk, who has a history of influencing the coin’s price with his online statements, started to criticize the tax bill. Additional losses followed after Musk formally left his role as a "special government employee" with the Department of Government Efficiency.
Dogecoin is a meme-based digital currency that relies heavily on social media sentiment. Musk has been its most prominent supporter, often causing spikes in the price with his mentions or endorsements. The latest series of posts and the political disagreement appear to have negatively affected the coin’s value.
More information on the dispute and its impact on Dogecoin can be read at Business Insider.
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