Dogecoin achieved great success this week as tensions erupted between Elon Musk and US President Donald Trump. Prices declined sharply, and the red numbers were transferred on the market.

The merchants who were riding the noise at the end of the loser found themselves. It was a week that many remember how policy and memes intersect in unexpected ways.

Related reading

Musk and Trump Clash

According to public jobs, Elon Musk has officially left the Ministry of Governmental efficiency (DOGE) on Thursday. The move came after the Trump spending bill criticized.

He had participated in that section since late 2024. Their heating rose after Trump said he was “very disappointed” in musk.

🚨TROMP: “I am very disappointed with Elon. I helped him a lot. He knew the internal work of the draft law better than anyone sitting here. He had no problem with that. pic.twitter.com/aecmcaodq

– Doucedesigner (CB_DOGE) June 5, 2025

In response, Musk claimed that Trump would not win the elections without supporting it. Then Trump Musk described as “crazy” and threatened to cancel Tesla and Spacex contracts. The musk again fired X with, “Go ahead, make my day.” He even warned that it might turn to the turning of the dragon vehicle in Spacex.

Moussek mention Epstein’s documents

Based on the posts on X, Musk also said that the files about the Jeffrey Epstein case remained secret because Trump’s name appears. This claim added another layer to the dispute.

It is no longer about spending only. Now there was a claim linking the American president to the closure of Epstein’s investigations. Trump answered that he would withdraw any contracts with Musk companies.

It’s time to really drop the large bomb:Realdonaldtrump He is in Epstein’s files. This is the real reason that has not been announced.

I wish you a happy day, DJT!

Elon Musk (@elonmusk) June 5, 2025

Dogecoin price drowns

Based on reports, Dogecoin fell about 11 % on Thursday alone. During the past week, it decreased by 16 % of its last highest levels. Merchants indicated that Musk’s political exit as a major factor.

Many people still see Dogecoin “people’s encryption” due to early Musk support. But without supporting him in this government role, feelings were quickly strained.

It is a coin that does not have a real origin behind it, so any noise transformation can send prices. A decrease in this size is rare, yet I felt that it was inevitable as soon as the musk hostility spills in the general vision.

Tesla shares the slide

Elon Musk did not get away from the repercussions. Tesla closed by 13 % on Thursday. This stumbling came after Trump indicated that he would withdraw federal contracts from any company owned by Musk.

Investors fear the most striking revenue and regulatory control. Tesla’s shares were at the height of this year, but angry tweets from Trump were sufficient to shake confidence. Even a short phrase on X can move the markets – especially when it includes a polarization character like Trump or musk.

Related reading

Market encryption references

Meanwhile, the broader encryption market also felt charged. According to Coinglass data, the total references amounted to 982 million dollars in one day. From this, the long values ​​- load at high prices – occupied 881 million dollars.

Short situations, or bets that expect prices to drop, have witnessed losses of $ 100 million. This level of liquidation is striking, and showed how quickly the nerves collide with large characters. Bitcoin and many Altcoins are slides alongside Dogecoin, creating a series of forced sales.

Distinctive image from Allison Robbert and SAUL LOEB/AFP, tradingview chart