Dogecoin (Doge), which is called “People’s encryption” by Elon Musk, decreased up to 12.5 % yesterday (-22 % in total during the previous week). As of now, the currency has decreased by 7.29 %.
Dignation coincides with the official MUSK exit from the Ministry of Governmental efficiency (DOGE), and the Trump Administration Initiative at the heart of the Musk plan to update federal information technology efficiency.
Musk and Trump were immersing for some time now, as the former criticized the last spending bill for the latter and its consequences for the electric vehicle sector (EV).
Yesterday, Musk claimed that Trump would have lost the elections without supporting him, prompting Trump to threaten to cancel federal contracts with his companies.
The price of Dogecoin drowns
Given that it is a Mimi currency, the value of Dogecoin is more interactive to the effect of celebrities than the actual basics. In particular, it is a reaction to Musk’s general movements.
Mention, for example, that Dogecoin rose by 15 % in 2022 when Tesla (Nasdaq: TSLA) began accepting it as a valid payment method. Recently, the currency has risen after Trump’s victory in the 2024 elections thanks to Trump’s friendly behavior publicly towards Musk.
As yesterday, Dogecoin decreased from $ 0.193 to $ 0.169, its lowest level since May 7. Between 16: 00-20: 00 (12: 00-16: 00 EST), the trading volume exceeded 1 billion units, which is approximately 5 times the average.
While the currency has settled somewhat since then, where it sits about $ 0.175 at the time of writing this report, the outlook remains negative because political musk movements have become more unpredictable.
Distinctive image via Shutterstock
