- Main event impacts Dogecoin and TRUMP tokens significantly.
- Prices dropped after Musk-Trump fallout.
- 20% decline observed in meme token prices.
Elon Musk’s dispute with Donald Trump over the Republican tax bill has created market turbulence for certain cryptocurrencies. The resultant public break has negatively impacted Dogecoin (DOGE) and the TRUMP token with noticeable price drops. Musk, a key figure in meme coins, expressed dissatisfaction on social media, referring to the tax bill as a “disgusting abomination.”
Elon Musk, CEO of Tesla, prominent supporter of Dogecoin, referred to the tax bill as a “disgusting abomination” and urged to “kill the bill.”
Trump’s reaction on his platform, Truth Social, highlighted his disappointment with Musk’s position.
These events led to a 6% drop in Dogecoin’s price within 24 hours, down 12% for the week. The TRUMP token saw a sharper decline of 20%, falling after public statements from both Musk and Trump.
Price volatility in crypto markets often links to statements by prominent figures. Previous events have shown similar strong reactions following significant influencer disputes and high-profile disagreements like the Musk-Trump episode.
Long-term implications include potential cautious behavior from investors. Historical and technical analyses suggest meme tokens often react sharply to public feuds involving major backers, as seen with recent Dogecoin and TRUMP token changes.
About the author
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