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- Dogecoin has tumbled amid Elon Musk public dispute with Donald Trump.
- Musk is a longtime fan of the meme coin, often pumping its price with small mentions on social media.
- The price of the crypto dropped 6% in the last 24 hours as Musk and Trump traded barbs.
Dogecoin has been tumbling as its most famous backer spars with Donald Trump over the budget bill.
Dogecoin, the crypto Elon Musk has touted and made memes about for years on social media, saw its price tumble this week as Musk and President Donald Trump exchanged barbs over the Republican tax and spending bill, marking the first public break in their friendship.
Dogecoin’s price on Friday was down 6% in 24 hours, and the meme token has tumbled 12% in the last week. The drop at the end of last week coincided with Musk’s formal departure from his role as a “special government employee” with the Department of Government Efficiency.”
The losses on Thursday picked up steam as Musk and Trump posted about each other on their respective social media platforms. The crypto traded around $0.18 on Friday, down 8% from Tuesday’s price.
Dogecoin’s decline began on Tuesday, as Musk called the tax bill a “disgusting abomination” and posted “kill the bill” on X.
The conflict intensified on Thursday after Trump told reporters “very disappointed” in Musk’s reaction to the tax bill, and expressed his frustration with the Tesla CEO on Truth Social.
“Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!,” Trump wrote on the social media platform Thursday night.
“I don’t mind Elon turning against me, but he should have done so months ago,” he added in a separate post.