Trump-backed $TRUMP tumbled 9.50% in the last 24 hours to trade at $9.82 at press time. The coin, which is a namesake meme token for the former president, is now down 87% from its all-time high on Inauguration Day.

在过去的24小时内，特朗普支持的$特朗普在发稿时以9.82美元的价格跌跌9.50％。这款硬币是前总统的同名模因象征，现在比就职日的历史最高点下降了87％。

The market behemoth faced a triple whammy with Trump’s threat to cancel federal subsidies and contracts for Musk’s companies, and the tech mogul’s integration of the former president’s tax plan in a new crypto project.

市场庞然大物面临三重打击，特朗普威胁要取消马斯克公司的联邦补贴和合同，以及科技大亨将前总统税收计划整合到一个新的加密项目中。

This thinly veiled threat rattled investors who had long bet on Musk’s close ties to Washington and sparked a 14% plunge in Tesla (NASDAQ:TSLA) stock, wiping out $150 billion in market value.

这种薄薄的威胁使投资者长期以来一直在穆斯克与华盛顿的紧密联系，并在特斯拉（纳斯达克：TSLA）的股票中引发了14％的险，削减了1500亿美元的市值。

Some of the drop may be attributed to regulatory uncertainty around Tesla’s upcoming robotaxi program, but analysts believe the feud with Trump was a significant trigger for the stock's decline.

其中一些下降可能归因于特斯拉即将举行的Robotaxi计划周围的监管不确定性，但分析师认为，与特朗普的仇恨是该股下降的重大触发因素。

"There is a fear that Trump is not going to play Mr. Nice Guy," said Dan Ives, a tech analyst at Wedbush Securities. "If you start to heighten the regulatory environment, that could delay Tesla's roadmap for autonomous driving."

Wedbush Securities的技术分析师丹·艾夫斯（Dan Ives）说：“人们担心特朗普不会扮演好人。” “如果您开始加强监管环境，这可能会延迟特斯拉的自动驾驶路线图。”

In after-hours trading, Tesla stock saw a modest 0.8% rebound, but the damage had been done.

在下班后的交易中，特斯拉股票的反弹率为0.8％，但损失已经造成。

Meanwhile, the market reacted to the crypto project, in which Musk integrated his signature and Trump’s tax plan in a new STEPN derivative, with a 360% surge in a satirical coin named "Kill Big Beautiful Bill" on Pump.fun.

同时，市场对加密项目做出了反应，马斯克将其签名和特朗普的税收计划融入了新的Stepn衍生品，在讽刺币上激增了360％的讽刺硬币，名为“杀死Big Beautiful Bill”。

The project aims to raise funds for a Trump campaign contribution, highlighting the rapid mobilization of crypto communities towards political causes.

该项目旨在为特朗普的竞选捐款筹集资金，强调加密社区迅速动员政治事业。

Meme coin volatility highlights market fragilitySharp declines in $TRUMP and Dogecoin are a stark reminder of how susceptible meme coins are to sentiment and social media-driven volatility.

模因硬币的波动强调了市场脆弱性sharp的下降$ trump和dogecoin，这是一个明显地提醒人们对情感和社交媒体驱动的波动的敏感模因硬币如何。

Kevin Rusher, founder of Real World Asset, described the market's reaction as both "annoying and revealing."

现实世界资产的创始人凯文·拉什（Kevin Rusher）将市场的反应描述为“烦人和揭露”。

"It's annoying because we're still letting loud personalities move the market," Rusher said. "Revealing, because it shows the crypto ecosystem is still fragile and in desperate need of liquidity."

Rusher说：“这很烦人，因为我们仍然让大声的个性转移市场。” “揭示，因为它表明加密生态系统仍然脆弱，并且迫切需要流动性。”

While Bitcoin (BTC) was relatively more stable, dipping just under 2% to trade around $105,023 at press time, some analysts warn that the ongoing uncertainty could lead to further short-term pain.

尽管比特币（BTC）相对稳定，但在发行时间，跌价不到2％的交易量不足2％，但一些分析师警告说，持续的不确定性可能导致进一步的短期疼痛。

"Bitcoin is testing the $100,000 support level," noted Nic Puckrin, founder of Coin Bureau. "If we see a break below, there could be more downside. That said, a close above $102,000 would suggest the worst of the sell-off is behind us."

Coin Bureau的创始人Nic Puckrin指出：“比特币正在测试100,000美元的支持水平。” “如果我们在下面看到休息时间，可能会有更多的缺点。也就是说，超过102,000美元的收盘价将表明最糟糕的售罄在我们身后。”

The Trump-Musk fallout is more than a billionaire brawl—it's a collision of politics and markets.

特朗普·穆斯克（Trump-Musk）的影响不仅仅是亿万富翁的斗殴，这是政治和市场的碰撞。

Tesla's recent stock gains were largely driven by investor optimism that the Trump administration would support autonomous vehicle innovation. Musk's public distancing from Trump and vocal criticism of government policies have now called that support into question.

特斯拉最近的股票收益在很大程度上受到投资者的乐观，特朗普政府将支持自动驾驶汽车创新。马斯克的公众与特朗普的疏远以及对政府政策的声音批评现在受到了质疑。

This fusion of political will and market stability is at the heart of the ongoing drama.

政治意志和市场稳定的这种融合是正在进行的戏剧的核心。

Trump’s namesake meme coin, $TRUMP, plunged nearly 10% in 24 hours and is now down 87% from its all-time high on Inauguration Day. Similarly, Dogecoin (DOGE), often associated with Musk, dropped 6% on the same day, continuing its long descent from its peak in 2021.

特朗普的同名模因硬币，特朗普$，在24小时内跌幅近10％，现在比就职典礼那天的历史最高点下降了87％。同样，狗狗（Dogecoin（Doge）通常与麝香有关，同一天下降了6％，从2021年的峰值开始长期下降。

"The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts, " Trump posted on Truth Social, implying potential federal action against Musk's companies.

特朗普在“真相社会”上发布了《真相》，这意味着对马斯克公司的潜在行动。

This thinly veiled threat rattled investors who had long bet on Musk’s close ties to Washington and sparked a 14% plunge in Tesla stock, wiping out $150 billion in market value.

这种薄薄的威胁使投资者长期以来一直在穆斯克与华盛顿的紧密联系，并引发了特斯拉股票的14％险，从而消除了1500亿美元的市场价值。

Some of the drop may be attributed to regulatory uncertainty around Tesla's upcoming robotaxi program, but analysts believe the feud with Trump was a significant trigger for the stock's decline.

其中一些下降可能归因于特斯拉即将举行的Robotaxi计划周围的监管不确定性，但分析师认为，与特朗普的仇恨是该股下降的重大触发因素。

"There is a fear that Trump is not going to play Mr. Nice Guy," said Dan Ives, a tech analyst at Wedbush Securities. "If you start to heighten the regulatory environment, that could delay Tesla's roadmap for autonomous driving."

Wedbush Securities的技术分析师丹·艾夫斯（Dan Ives）说：“人们担心特朗普不会扮演好人。” “如果您开始加强监管环境，这可能会延迟特斯拉的自动驾驶路线图。”

In after-hours trading, Tesla stock saw a modest 0.8% rebound, but the damage had been done.

在下班后的交易中，特斯拉股票的反弹率为0.8％，但损失已经造成。

Meanwhile, the market reacted to the crypto project, in which Musk integrated his signature and Trump's tax plan in a new STEPN derivative, with a 360% surge in a satirical coin named "Kill Big Beautiful Bill" on Pump.fun.

同时，市场对加密项目做出了反应，马斯克将其签名和特朗普的税收计划融入了新的Stepn衍生品，在讽刺币上激增了360％的讽刺硬币，名为“杀死Big Beautiful Bill”。

The project aims to raise funds for a Trump campaign contribution, highlighting the rapid mobilization of crypto communities towards political causes.

该项目旨在为特朗普的竞选捐款筹集资金，强调加密社区迅速动员政治事业。

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“我们