Dogecoin (DOGE) is in free fall: Losing more than 20% in a week
The reason? The loud 'falling out' between Elon Musk and President Donald Trump. This rift not only sent shockwaves through the crypto community but also shook the political world. Everyone knows Musk was once a major 'backer' of DOGE, and any statement from him can cause coin prices to fluctuate wildly.
❗️ When Musk and Trump go from allies to adversaries
Once close allies, Elon Musk also held the position of head of the Government Efficiency Ministry (abbreviated as DOGE) during Trump's administration. But everything turned 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 beginning of a public feud between two giants on social media. Exchanges of words, subtle jabs, and investors could not sit still.
❗️ DOGE price plummets, crypto market in turmoil
Immediately after the drama, DOGE plummeted 7.2% within 24 hours, down to $0.145. Investors were bewildered as Musk – the symbol associated with DOGE – began to 'pull back'. DOGE's trading volume surged to $1.2 billion (up 35%), indicating that the market is extremely sensitive to this news.
The RSI index has dropped to 38 – signaling that DOGE is being excessively sold off, and there may soon be a wave of buying from traders looking for opportunities.
Meanwhile, netizens quickly introduced a brand new meme coin: 'Kill Big Beautiful Bill' (KBBB). This token quickly reached a market capitalization of $53 million, then lost 30% within just a few hours.
❗️ Not only DOGE is affected
This 'falling out' has widespread effects. Tesla's stock fell 2.3%, and the TRUMP token dropped 11%. This shows that the market is reacting negatively to any assets connected to these two names.
This incident clearly shows one thing: in the crypto market, the emotions and personalities of prominent figures can create significant waves. And when they turn their backs on each other, the market cannot remain still.
⚠️ Note: This is for informational purposes only and is not financial advice.
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