Dogecoin (DOGE) Price Falls 10% After Musk and Trump Spat

Dogecoin fell 10 percent on Thursday, the day that the Musk and Trump spat spilled over onto social media, and was down 22 percent week-over-week at its lowest point last night, when it was worth less than 17 cents per token (don't gasp too hard, but it's now soared back up to 18 cents.)

At its absolute peak in 2021, the coin traded just under 75 cents thanks to Musk's endorsement — and despite regular peaks and valleys, it's never again surpassed that all-time high.

However, the meme coin spiked 15 percent in a day when Tesla began accepting it for merchandise in 2022, and jumped 35 percent later that same year when Musk bought Twitter.

The token also saw large gains of over 70 percent in a single day after the Biden administration's agency for advancing American value's was created and again when its official website was launched just after the president's inauguration.

The coin could be poised to slip even further. Dogecoin's three-week Trump slump suggests, per the site's analysis, that it could fall to as little as six cents per coin if its bearish streak continues. Should it continue to fall, a massive selloff event may occur as itchy investors seek to rid themselves of the tarnished token.

"Looks like yesterday was just another bear trap for Dogecoin," one such investor tweeted alongside a chart showing projected "euphoric" highs that almost certainly will not be attained. "Let's go!"

"If we all come together, we can surely make it to 2024 with enough gains to share. Let's stand strong, hold together, nobody will fall."

While the spat has certainly shaken the status quo — but for crypto types, it's just another weekend.

More on meme coins: You’ll Never Guess What Happened to Trump’s Meme Coin After He Announced His Tariffs