It’s been a bad week for DOGE. And a really bad week for dogecoin.
The meme coin, which gained popularity in part because Elon Musk once dubbed it “the people’s crypto,” fell about 10% on Thursday and is down 22% over the past week. That drop corresponds with Musk’s official departure from the Trump administration and the Department of Government Efficiency (DOGE), which was the centerpiece of his effort to radically downsize the federal government.
Musk and Trump had been sparring in recent days, with Musk slamming the president’s spending bill, and Trump withdrawing the nomination of Jared Isaacman, a Musk ally, as his pick to run NASA.
But the war of words 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
