The cryptocurrency world is buzzing today as Dogecoin faces a potential nosedive, with prices threatening to plummet by as much as 66% to $0.06. The catalyst? An intensifying feud between two of the most influential figures on social media and beyond—Elon Musk and former President Donald Trump.
Musk vs. Trump: A Digital Drama
The spat between Musk and Trump has been unfolding publicly, with barbs exchanged over various issues including politics and business. This spat, however, seems to have taken a tangible toll on the crypto markets, particularly Dogecoin. In the past 24 hours alone, the meme-inspired cryptocurrency saw a 7% drop in its value, a clear indication of the market’s sensitivity to the whims of these high-profile personalities.
“Investors are reacting to the unpredictability that these figures bring to the table,” says crypto analyst Linda Carrington. “Their influence is unparalleled, and when they clash, markets stumble—not just move.”
The sell-off appears to be driven, at least in part, by fear. Musk, who has been a vocal supporter of Dogecoin in the past, possesses the ability to sway market sentiment with a single tweet. Yet this time, his ongoing feud with Trump could be steering sentiment in a different direction, raising questions about the stability of a currency so closely tied to individual influence. Interestingly, despite these fluctuations, Dogecoin remains unfazed as Elon Musk rubbishes reports of his exit from Tesla.
The Ripple Effect on the Crypto Market
Dogecoin’s potential fall to $0.06 would mark a significant downturn, but it’s not just Dogecoin feeling the heat. The broader cryptocurrency market has shown signs of trepidation, with investors seemingly on edge amid the ongoing spectacle. Bitcoin and Ethereum, while not directly affected, have also seen slight fluctuations, highlighting the interconnected nature of the crypto ecosystem.
“An event like this serves as a reminder of how volatile and sentiment-driven the crypto market can be,” notes blockchain strategist Mark Felton. “It’s not just about numbers and charts. Human behavior and emotions play a massive role.”
Felton adds that this latest drama could serve as a cautionary tale for those who view cryptocurrency as a get-rich-quick scheme, emphasizing the need for careful analysis and a long-term perspective. Meanwhile, institutional interest continues to grow, as evidenced by Nasdaq’s pursuit of SEC approval to list a 21Shares Dogecoin ETF.
What’s Next for Dogecoin?
As we look ahead, the question on many investors’ minds is whether Dogecoin can weather this storm. The coin, originally created as a joke, has defied expectations in the past—thanks in no small part to Musk’s endorsements—but whether it can do so again remains uncertain.
There’s also the broader issue of whether reliance on such volatile figures is sustainable in the long run. While these personalities bring attention and excitement to the crypto space, they also bring unpredictability and risk. Some experts argue that the current situation could prompt a shift toward more fundamentally sound investments within the crypto market.
“Investors might start looking for projects with real utility and less drama,” suggests financial advisor Sarah Lin. “This could be a turning point where people begin to value stability over hype.”
As of today, June 06, 2025, the crypto world is left to ponder these possibilities, with many eagerly watching the next moves of Musk and Trump. Whatever transpires, one thing is clear: the intersection of celebrity, social media, and finance continues to create waves in the digital currency ocean.
The feud shows no sign of abating, keeping the market on tenterhooks. And while Dogecoin’s fate hangs in the balance, it raises broader questions about the future of cryptocurrencies that are so deeply intertwined with the personalities who promote them. Can Dogecoin bounce back, or is this the beginning of a deeper decline? Only time will tell.
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This article is based on: Dogecoin price risks 66% drop to $0.06 as Trump-Musk feud intensifies
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
