DOGE worth falls after Musk–Trump feud rattles crypto sentiment and market confidence.
Dogecoin has taken a sharp bearish turn, with analysts warning of a possible 66% drop in worth following a public conflict between Elon Musk and US President Donald Trump.
The cryptocurrency, which has typically rallied on Musk’s endorsements, is now going through its third consecutive weekly decline. DOGE is presently buying and selling at $0.17, with bearish technical patterns pointing towards a potential slide to $0.06.
The feud between Musk and Trump escalated on 5 June after the previous left his function within the Division of Authorities Effectivity.
Trump has since threatened to finish Musk’s federal contracts and subsidies, prompting the billionaire to reply on X (previously Twitter) with fierce criticism, together with requires impeachment and mockery of Trump’s funds invoice. The fallout has rattled crypto markets, the place Musk’s affect is especially sturdy.
Traditionally, Dogecoin has surged on Musk’s backing—from Tesla’s acceptance of DOGE for merchandise in 2022 to Twitter’s momentary rebranding with the memecoin’s emblem in 2023.
It additionally rallied following Trump’s 2024 election win, which Musk vocally supported. The present breakdown of their alliance, nonetheless, seems to have reversed that pattern.
Technically, DOGE has damaged under key assist ranges, forming a bear flag sample that analysts say may set off an additional decline to $0.06.
Indicators just like the RSI have additionally turned unfavourable, suggesting continued promoting strain within the quick time period as merchants digest the political drama and shifting market sentiment.
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