๏ฟผ t ๏ฟผ e ๏ฟผ l ๏ฟผ a Here's whatโs happening:
๐ Why Dogecoin and โTesla Coinโ are falling
1.ย Dogecoin slump amid MuskโTrump clash
Over the past week, Dogecoin has dropped aboutย 12%, including ~7% just on June 6, directly tied to the escalating public feud between Elon Musk and Donald Trumpย businessinsider.com+15coindesk.com+15coindesk.com+15.
As Trump threatened to pull subsidies and Musk publicly denounced Trumpโs budget bill, investor sentiment shifted. A classic bearish "bear-flag" chart pattern suggests DOGE could perhaps fall as low asย $0.06โa potential drop of ~66%ย tradingview.com+2cointelegraph.com+2dig.watch+2.
2.ย MuskโTrump feud slams Tesla (and Tesla Coin)
Tesla shares plunged aboutย 14%, wiping out ~$150โฏbillion in market value in a single trading session after the MuskโTrump fallout ๏น Tesla down ~17% intradayย youtube.com+3newsweek.com+3economictimes.indiatimes.com+3.
That crash dragged down related meme tokens likeย Trump Coin, which fell ~10% overnightย r-bloggers.com+15coinpedia.org+15coingape.com+15.
๐ The Catalyst: Public Farming by Billionaires
Musk called Trumpโs bill the โBig Ugly Bill,โ calling for impeachment. Trump hit back with threats to cut federal contracts from Muskโs companies, notably Tesla and SpaceXย forbes.com+15cointelegraph.com+15wired.com+15.
As both sides escalated, investor confidence in assets connected to Musk or Trump tanked.