Elon Musk, known for his involvement with cryptocurrencies and particularly with Dogecoin, may be stepping down from his role as Senior Advisor to the President at D.O.G.E. This development is sparking discussions on its potential impact on Dogecoin's price.
D.O.G.E Transitions - Elon Musk and Kalshi CRO
According to POLITICO, Elon Musk’s time in Washington appears to be coming to an end. President Trump has informed some in his inner circle that Musk would be stepping back from his role as a governing partner at D.O.G.E, expected by late May or early June when his special government employee status expires. There has not been a fallout between the President and Musk, but the decision is linked to growing political scrutiny. American journalist Eleanor Terrett also revealed that Eliezer Mishory, Chief Regulatory Officer at Kalshi, will join Musk at D.O.G.E.
Will Elon Musk's D.O.G.E Departure Affect Dogecoin?
Musk's exit from D.O.G.E. is significant to many investors, as his connection with Dogecoin remains strong. Some experts believe that fewer mentions of DOGE in government discussions could influence its popularity and market actions. While Musk’s impact on the meme coin's popularity is undeniable, its long-term value still hinges on broader market trends and adoption.
Dogecoin News and DOGE Price Outlook
Market data shows that Dogecoin has dropped 10% over the past week despite some recovery in the broader crypto market. Current metrics reveal neutral momentum with an RSI at 41, but MACD indicates a bearish trend. For a bullish outlook, Dogecoin needs to reclaim $0.2, yet resistance at $0.25 remains strong.
Elon Musk's departure from D.O.G.E. introduces uncertainty around Dogecoin's future, yet it does not seal the fate of the cryptocurrency. It remains influenced by broader market trends and developmental efforts.
