The conflict between Elon Musk and Donald Trump significantly impacted the cryptocurrency market, specifically Dogecoin and TRUMP tokens.
Impact of the Conflict on the Cryptocurrency Market
The public feud between Musk and Trump centers on the Republican tax bill. Musk expressed his displeasure on social media, calling the tax bill a "disgusting abomination."
Price Fluctuations of Dogecoin and TRUMP Token
Following the discord, Dogecoin's price saw a 6% drop within 24 hours and a 12% decline for the week. The TRUMP token experienced a sharper 20% drop, indicating significant market reaction to the public statements from both Musk and Trump.
Long-term Implications for Investors
Investors may exhibit caution as a result of the situation. Historical and technical analyses show that meme tokens often react sharply to public disputes, especially when major figures are involved, as evidenced by the recent changes in Dogecoin and TRUMP token.
The conflict between these two key figures in the cryptocurrency industry could have serious market repercussions, prompting investors to rethink their strategies.
