Why Dogecoin Is Plummeting Today
The price of Dogecoin (CRYPTO: DOGE) is sinking on Friday. The meme coin saw its value decline 5.3% in the last 24 hours as of 11:58 p.m. ET, but was down as much as 15.3% in that time frame. The slump comes as the S 500 gained 0.9% and the Nasdaq Composite gained 1.1%.
Dogecoin's most prominent backer, Elon Musk, is involved in a very public spat with President Donald Trump. The tech titan appears to no longer be in the good graces of the president.
For years, Musk has been able to influence the price of Dogecoin with a tweet. His backing of Donald Trump's presidential run and subsequent place in his administration as the head of the Department of Government Efficiency (DOGE) -- so named as a not-so-subtle wink to Dogecoin -- propelled Dogecoin to heights not seen since 2021. The price more than doubled in the days following the election. Investors seemed to believe that Musk's relationship with Trump would benefit the crypto.
Source Fool.com
