#Dogecoin traders on alert as Trump backs Elon Musk after tariffs triggered $200B Tesla losses😫
Dogecoin price reached $0.14 on Tuesday, down 46% since Trump confirmed tariffs on Canada and Mexico on March 3.Since March 3, Dogecoin has mirrored Tesla’s 20% losses, as the automaker lost $200 billion in market cap.Trump announced the purchase of a new Tesla car, drumming up national support for DOGE chief Elon Musk.
#KeepBuilding Key factors driving DOGE price action this week
With large downward movements and increasing trading volume, Dogecoin traders have been on red alert to external bearish catalysts over the past week.
Trump policies sparking Tesla sell-off
The recent Tesla sell-off in response to Trump’s tariff announcements has had a ripple effect on risk assets linked to Elon Musk.
Investors have been pulling back funds, attempting to slim costs ahead of inflation, leading to fewer jobs in the US NFP report.
However, assets linked to Musk appear to be experiencing considerably intense selloffs, reflecting the unpopular sentiment around these policies.