Elon Musk Shifts Focus from DOGE and Politics Back to Tesla

In a surprising move, Elon Musk announced his departure from the Trump administration and a reduced involvement with Dogecoin (DOGE), refocusing his efforts on Tesla. This decision, revealed during a White House Cabinet meeting on April 30, marks a significant shift in Musk’s priorities. The billionaire entrepreneur expressed his gratitude for the opportunity to serve in the Trump administration, stating, "It’s been an honor to work with your incredible Cabinet." While Musk’s influence in the cryptocurrency space, particularly with DOGE, has been substantial, this development suggests a potential cooling of his direct engagement with the meme-inspired digital asset. As of May 2025, the crypto community is left to speculate on the long-term implications for DOGE’s market trajectory without Musk’s frequent endorsements. This pivot back to Tesla aligns with Musk’s broader vision for sustainable energy and technological innovation, though it leaves questions about the future of his crypto ventures.

Elon Musk Steps Away from DOGE and Trump Administration to Refocus on Tesla

Elon Musk, the billionaire entrepreneur known for his influence in both the tech and cryptocurrency sectors, announced his departure from President Trump’s cabinet and a reduced focus on Dogecoin (DOGE). The announcement came during a Cabinet meeting at the White House on April 30, where Musk expressed gratitude for the opportunity to serve. "It’s been an honor to work with your incredible Cabinet," Musk told Trump directly.

Musk praised the administration’s achievements, calling its first 100 days "record-breaking." His decision to shift focus back to Tesla, effective May, marks a significant pivot for the executive who has juggled multiple high-profile roles. The move could have implications for DOGE, given Musk’s history of influencing the meme coin’s market performance through social media.

21Shares Dogecoin ETF Filing Sparks Optimism for DOGE’s Price Trajectory

Nasdaq’s submission of a 19b-4 form to the SEC marks a pivotal step toward listing the 21Shares Dogecoin ETF, building on the firm’s earlier S-1 registration filed in April. The move signals growing institutional interest in meme coins, with Doge potentially poised to challenge its all-time highs.

Regulated access to Dogecoin through a U.S.-listed ETF could reshape market sentiment, diverting attention from its origins as a joke cryptocurrency to a tradable asset with Wall Street appeal. The approval process, however, remains contingent on SEC scrutiny amid ongoing debates over crypto classification.

Meme Coins Show Breakout Potential as Market Sentiment Turns Bullish

Dogecoin leads a resurgence in meme coin activity, with technical indicators suggesting possible upside momentum. The original joke cryptocurrency now commands a $26.2 billion market valuation, demonstrating surprising staying power in the volatile crypto markets.

Analysts observe growing retail interest in sub-dollar tokens, particularly those with strong community backing. While fundamentally speculative, these assets often benefit disproportionately during risk-on market conditions.

Chart patterns across several meme coins indicate potential breakout formations. Market participants appear to be positioning for what could become the next speculative frenzy in digital assets.

Dogecoin Faces Resistance as Rally Loses Steam

Dogecoin’s recent rally shows signs of fatigue, with the meme coin slipping to $0.17—just below the 50-day moving average, a key technical level. Failure to reclaim this threshold could signal further downside.

Despite short-term weakness, DOGE maintains modest long-term support above the 50-week EMA. The coin remains trapped in a broader downtrend since November, with repeated rejections NEAR the $0.18-$0.19 resistance zone.

Dogecoin Price Poised For Breakout Amid Accumulation, Here’s The Target

Dogecoin shows signs of an impending breakout as whale accumulation intensifies. Analyst Cryptokijker identifies $0.1790 as the critical resistance level, with potential targets at $0.1840 and $0.1920 following a neutral-bullish structure confirmation.

Hidden bullish divergence on the RSI suggests underlying strength, coinciding with reported large-scale DOGE accumulation. The meme cryptocurrency continues to draw attention as market participants anticipate a decisive move above key technical levels.