Dogecoin (DOGE) free falls: Losing over 20% in a week
The reason? The noisy fallout between Elon Musk and former President Donald Trump. This rift not only stirred the crypto community but also shook the political world. Everyone knows Musk was a major 'backer' of DOGE, and any statement from him could cause significant price fluctuations.
❗️ When Musk and Trump went from allies to rivals
Once close allies, Elon Musk even held the position of head of the Government Efficiency Department (abbreviated as DOGE) during Trump's administration. But everything changed when Musk openly criticized Trump's $2.4 trillion spending bill 'One Big Beautiful Bill' – claiming it undermined the sustainable financial goals that DOGE pursues.
On May 30, 2025, Musk officially withdrew from DOGE, marking the start of a public feud between the two giants on social media. Back and forth exchanges, subtle digs in various forms, and investors couldn't sit still.
❗️ DOGE price plummets, crypto market shakes
Right after the drama, DOGE plummeted straight down by 7.2% in just 24 hours, to the level of $0.145. Investors were bewildered when Musk – the symbol associated with DOGE – started to 'withdraw'. The trading volume of DOGE surged to 1.2 billion dollars (up 35%), indicating that the market is extremely sensitive to this news.
The RSI index dropped to 38 – signaling that DOGE is being overly sold off, and there may soon be a wave of buying from traders waiting for an opportunity.
Meanwhile, netizens quickly welcomed a brand new meme coin: 'Kill Big Beautiful Bill' (KBBB). This token quickly reached a market cap of 53 million dollars, then… lost 30% in just a few hours.
❗️ Not just DOGE affected
This fallout has widespread implications. Tesla's stock fell by 2.3%, and the TRUMP token dropped by 11%. This shows that the market is reacting negatively to any asset associated with these two names.
This incident shows a clear fact: in the crypto market, the emotions and personalities of prominent figures can create big waves. And when they turn against each other, the market cannot remain still.
⚠️ Note: This is for informational purposes only and is not financial advice.
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