Dogecoin (DOGE) experienced a significant decline on June 6, 2025, dropping over 12% within 24 hours, as tensions between Elon Musk and President Donald Trump intensified.
The cryptocurrency’s price fell from approximately $0.193 to a low of $0.169, with trading volumes surpassing 1 billion units—nearly five times the daily average. This sharp decline coincided with Musk’s public criticism of Trump’s “One Big Beautiful Bill,” which he labeled a “disgusting abomination” due to its projected $2.4 trillion addition to the federal deficit.
Musk’s departure from the Department of Government Efficiency (DOGE), a non-governmental initiative aimed at reducing federal spending, further fueled the market’s uncertainty. His subsequent social media posts suggested the formation of a new political party to represent centrist views, garnering significant public attention.
The feud has raised concerns among investors about potential policy shifts affecting the tech and crypto sectors. Analysts point to the political instability as a contributing factor to the broader market’s risk-off sentiment, with other cryptocurrencies like Cardano (ADA) also experiencing declines.
The ongoing dispute between Musk and Trump underscores the volatility that political dynamics can introduce to financial markets, particularly in the cryptocurrency space. As the situation evolves, investors remain cautious, closely monitoring developments that could further impact market stability.
