Dogecoin (DOGE-USD) is bleeding fast. As Elon Musk and Donald Trump clash, DOGE sheds 28% of its value

Dogecoin (DOGE-USD) is bleeding fast. Once a memecoin darling boosted by Elon Musk's tweets, it's now collapsing under the weight of a political feud and technical breakdowns.

As of June 6, DOGE trades near $0.17, down over 7% in 24 hours and nearly 28% in three weeks - all in the wake of a public and ugly spat between Elon Musk and President Trump.

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Musk has backed Dogecoin both symbolically and financially. Tesla (TSLA) and SpaceX once accepted DOGE, and social media antics by Musk have frequently sent the coin soaring. But this relationship seems to be unraveling. Musk's resignation from the Department of Government Efficiency (ironically abbreviated DOGE) and Trump's threat to cancel Musk's government contracts have soured sentiment.

A Chart Breakdown that Should Scare Dogecoin Bulls

The technical picture is equally grim. Dogecoin just confirmed a bear flag breakdown on the weekly chart - a pattern known for brutal follow-throughs. Support levels at $0.20 have been broken, and DOGE is now testing the $0.15 zone, dangerously close to the 100-week SMA.

If the selloff deepens, the 200-day SMA at $0.14 and the April low of $0.13 become the next battlegrounds. But the real concern? The chart pattern projects a potential fall to $0.06 - a full 66% below current levels. The RSI is at 43 and falling, showing that bearish momentum is gaining strength, with room to run.

Speculation Was Always Dogecoin's Engine

Let's be honest. Dogecoin has always been a speculation game. It's not built for utility. Its value rises when there's excitement - and plummets when that excitement fades. Musk was the engine behind most of that excitement.

From swapping the Twitter logo to a Shiba Inu to accepting DOGE for Tesla merch, Musk's moves have triggered double-digit surges in the past. But now he's fighting a sitting president, and markets hate uncertainty.

If Musk steps back from promoting DOGE, or becomes politically sidelined, the coin's speculative premium may collapse.

Without Elon's Energy, Dogecoin Has No Catalyst

The broader crypto market is watching this feud nervously. Dogecoin, in particular, is tied to Musk's brand. Without him, DOGE has no institutional support, no clear use case, and no reason for long-term accumulation.

There are whispers of lawsuits, rising regulatory scrutiny, and even a political crackdown on crypto funding. That's not the backdrop where joke coins flourish. And unless a new narrative emerges, DOGE may just retrace all the gains it made post-2022.

The 66% Dogecoin Crash Isn't Hype, It's a Pattern Playing Out

The chart doesn't lie. Dogecoin's structure is breaking down, and the political backdrop is toxic. A move to $0.06 isn't some far-fetched worst-case scenario - it's a clean technical projection if current support fails.

Musk may try to repair the relationship with Trump, but the damage to DOGE's hype cycle could already be done. And without that hype, Dogecoin heads back where it came from. Not to the moon. But to the meme coin graveyard.

At the time of writing, Dogecoin is sitting at $0.1781.