Elon Musk's departure from the Trump administration and his integration into the Department of Government Efficiency (DOGE) have been a hot topic of discussion lately. The billionaire businessman's efforts to radically downsize the federal government were a key focus of his time in the administration, which he joined shortly after the president's election victory in 2020.

After Trump pulled his nomination of Jared Isaacman as his pick to run NASA, the pair's feud escalated dramatically on Thursday.

After Trump said he was "very disappointed" in the Tesla CEO, Musk fired back on X, claiming Trump would have lost the election without his support.

Trump called Musk "CRAZY" and threatened to cancel his government contracts, sending shares of electric vehicle maker Tesla tumbling to close down 14% for the day.

Musk responded on X, "Go ahead, make my day." He later said that following Trump's comment about canceling contracts, his rocket company SpaceX "will begin decommissioning its Dragon spacecraft immediately." Dragon is the only U.S. option for delivering crew to and from the International Space Station.

The spat wouldn't necessarily have an impact on the price of dogecoin, which, like most meme coins, has no attached asset or underlying value. But it's a particularly volatile coin that can move up or down based on consumer sentiment, celebrity hype, internet memes and Musk news.

Musk's public backing of dogecoin has long been a major driver of its price, making it particularly sensitive to shifts in his political standing. The price jumped more than 15% on a single day in 2022 after Tesla began accepting the cryptocurrency as payment for some merchandise. The next year, dogecoin spiked more than 30% in a day after Musk replaced the blue bird on the Twitter (now X) website with an image of a shiba inu, the digital coin's logo.

Dogecoin, along with bitcoin and other cryptocurrencies, soared after Trump's election victory in November on optimism that the new administration, which was heavily backed by Musk and the crypto industry, would return the favor with friendly policies and deregulation.