- Dogecoin dropped sharply as a result of a public dispute between Elon Musk and Donald Trump.
- The cryptocurrency fell 6% in the last 24 hours, and 12% overall for the week.
- Musk criticized a recent tax and spending bill, escalating tensions with Trump through posts on social media.
- The feud marked a significant shift, as Musk is known for influencing Dogecoin prices through online mentions.
- A senior White House official stated that Trump was not interested in a call with Musk despite suggestions of reconciliation.
Dogecoin declined in value this week following a developing conflict between Elon Musk and Donald Trump related to a proposed budget bill. The cryptocurrency, which is heavily influenced by Musk’s public statements, saw its price fall as both figures posted critical comments about each other.
As of Friday, Dogecoin was down 6% in the preceding 24 hours and had decreased 12% over the past week. According to markets data, the crypto traded near $0.18 on Friday. The downturn coincided with Musk’s departure from his role as a “special government employee” for the Department of Government Efficiency.
The decline gained pace after Musk used X (formerly Twitter) to call the new tax bill a Tesla-xai-elon-musk-2025-6?utm_medium=ingest&utm_source=markets” target=”_blank”>“disgusting abomination” and urged followers to “kill the bill.” In response, Trump told reporters he was “very disappointed” in Musk’s criticism and posted about his frustrations on Truth Social. Trump also wrote that he had taken away the electric vehicle mandate, saying Musk “just went crazy.”
On Thursday night, Trump commented on his social media platform: “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!” He later added, “I don’t mind Elon turning against me, but he should have done so months ago.”
Reports early Friday indicated some hope that the fallout might be repaired. However, a senior White House official told NBC that Trump was not interested in a conversation with Musk.
Dogecoin is a popular cryptocurrency often called a “meme token” due to its origins as an internet joke. Musk’s comments have historically led to large fluctuations in its price because of his influence among retail investors and the broader crypto community. The most recent drop followed the exchange of criticisms between Musk and Trump, with their statements widely covered and discussed on social media.
The conflict represents a public break in their relationship, which had previously been seen as friendly. The situation continues to develop as both continue to make comments on their respective platforms and the market responds.
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