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Dogecoin Price Plummets Amid Rising Tensions Between Musk and US President
Dogecoin (DOGE), one of the leading meme cryptocurrencies, has seen a sharp downturn in its price over the past week. According to market data, DOGE plunged over 6% in the last 24 hours and lost more than 13% throughout the week. The decline correlates closely with the official announcement of Elon Musk stepping away from government roles, triggering uncertainty within the crypto community.
Elon Musk’s Influence and Political Drama Impact DOGE
Elon Musk, CEO of Tesla and a well-known advocate for Dogecoin, has long played an influential role in shaping DOGE’s market dynamics. Recent remarks from Musk suggested that former President Donald Trump would fail in the upcoming elections without his support—a statement that led to threats from the current US President regarding the termination of federal contracts with Musk’s companies.
Given that Dogecoin’s price is highly sensitive to Musk’s activities and endorsements, the market responded negatively to this escalating political dispute. This scenario exemplifies the volatility inherent in meme coins, which are often impacted more by social influence than fundamental blockchain technologies.
Technical Analysis: Key Support and Bearish Scenario
Crypto analysts warn that if Dogecoin fails to hold the crucial $0.185 support level, further bearish momentum could push the price down toward $0.135. This downward trend highlights how both external pressures and Musk's actions continue to play a significant role in DOGE’s price fluctuations.
Moving forward, Dogecoin remains in a precarious position, affected by broader market sentiment and ongoing volatility in the crypto market. Investors are advised to monitor the situation closely and remain cautious amid uncertain developments surrounding Musk and DOGE.
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