The cryptocurrency market has been experiencing some turbulence recently, with one of the most notable events being a 7% drop in Dogecoin's value in the last 24 hours. This sudden decline has been attributed to a feud between tech mogul Elon Musk and former President Donald Trump.

Elon Musk, the CEO of Tesla and SpaceX, has been known to have a significant influence on the cryptocurrency market through his tweets and public statements. His support for Dogecoin, a meme-based cryptocurrency that started as a joke, has often led to significant price surges. However, Musk's recent clash with Trump seems to have had a negative impact on Dogecoin's value.

The feud between Musk and Trump reportedly began when Musk criticized Trump's handling of the COVID-19 pandemic and expressed support for his rival, Joe Biden, during the 2020 presidential election. This public disagreement between the two powerful figures seems to have spooked investors, leading to a sell-off of Dogecoin and causing its value to drop by 7% within a day.

While the current price of Dogecoin stands at around $0.06, there are concerns that further sell-offs could push its value even lower. The $0.06 mark is seen as a crucial support level for Dogecoin, and if it fails to hold above this level, the cryptocurrency could be at risk of dropping further.

Investors and analysts are closely monitoring the situation to see how Dogecoin's price will evolve in the coming days. Some believe that if the feud between Musk and Trump escalates further, it could continue to negatively impact Dogecoin's value. On the other hand, others are optimistic that the cryptocurrency could rebound if market conditions improve and investor sentiment shifts positively.

It is essential for investors to exercise caution and closely follow market trends to make informed decisions about their cryptocurrency holdings. The volatility of the cryptocurrency market means that prices can fluctuate rapidly based on various factors, including external influences like public feuds between influential figures.

As the situation between Musk and Trump unfolds, the cryptocurrency community will be watching closely to see how Dogecoin and other digital assets are affected. In the meantime, it is crucial for investors to stay informed and stay vigilant in managing their crypto investments to navigate the market's ups and downs effectively.

Source: https://cointelegraph.com/news/dogecoin-price-risks-66-drop-to-0-06-trump-musk-feud?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound