Dogecoin Plunges 9% On Musk vs Trump Clash…Mimcoin Market Shaking

June 5 (Reuters) - A social media clash between Elon Musk and former President Donald Trump caused strong waves in the crypto market, especially in the meme coin market. The conflict wasn't just a level of gossip, it actually caused a 9% plunge in Dogecoin, affecting the market as a whole.

 

1. Musk's Strong Criticism...Trigger of falling DOGE
According to cryptocurrency media **BeInCrypto**, Musk has directly criticized the "Big Beautiful Bill" bill being pursued by Trump. The bill calls for tax cuts and increased defense spending, which Musk has denounced as an excessive and corrupt waste of taxes.

Musk even used the expression "Kill the Bill," pointing out that the bill is the opposite of the spirit of the digital government reform project **D.O.G.E.** that he has participated in in in the past. The slogan was immediately used as a meme coin's name to shape the trend, which took the brunt of his flagship meme coin, **Dogecoin**, falling 9% in a day.

2. Trump's counteroffensive and the escalating emotional battle between the two sides
Trump publicly criticized Musk through his social media platform Truth Social. Musk also raised the bar by linking Trump to sensitive issues in response.

This is not the first conflict between the two. In 2022, Trump also mocked Musk, calling him "a person who would kneel for government subsidies." The clash is spreading more emotionally and violently than in the past, and the market is sensitive to it.

3. Mimcoin Market Explosive Reaction...the birth of a new theme
The Solana-based Decentralized Exchange (DEX) is seeing a flood of new meme coins featuring the conflict between Trump and Musk. Some tokens have a market cap of $7 million a day after their launch, drawing short-term investors' attention.

Dogecoin's decline is small compared to Tesla's 15% plunge in stock prices, but it is rather an example of the rapid reactivity and volatility of the meme coin market. Currently, the market is keen to use the conflict as a short-term liquidity opportunity to form themed coins, with new coins such as "KillTheBill" and "DOGEvsTRUMP" appearing in real-time.

Conclusion: Mimcoin Market Shakens On Political, Social Media Issues
The social media conflict between two figures, Elon Musk and Donald Trump, goes beyond just a debate, leading to price fluctuations in the real cryptocurrency market and the launch of new coins. In particular, the fall of Dogecoin and the short-term surge of meme coins are once again examples of how powerful their influence is.

If the conflict is prolonged in the future, the meme coin ecosystem will undergo more themes and liquidity changes. Investors seem to need to take a cautious response given these political + SNS risk factors.