#TrumpVsMusk Memecoins suffered from the feud between Trump and Musk

Memecoins associated with Trump and Musk – in particular Dogecoin and $TRUMP – suffered significant losses on Thursday and Friday as the two engaged in a heated feud on social media.

Musk's criticism of the large tax and spending bill supported by Trump seemingly became the center of the feud, with Musk continuing his rhetoric against the bill, calling it "pork-filled... disgusting."

Trump, for his part, threatened to cut government contracts with Musk's companies, particularly SpaceX, and also questioned Musk's character, calling him "crazy."

Memecoins, which primarily move based on sentiment, collapsed as the feud worsened. $TRUMP fell more than 10% on Friday, while Dogecoin traded down 6.3%.