DOGE Faces Market Turbulence Amid Musk-Trump-Epstein Controversy
The cryptocurrency market witnessed a sharp decline in Trump-linked tokens and Dogecoin (DOGE) following Elon Musk's public remarks about former President Donald Trump's alleged connection to Jeffrey Epstein's documents. This development has fractured the perceived alliance between Musk and Trump, leading to a sell-off in these meme coins. As of June 7, 2025, DOGE and OFFICIAL TRUMP are among the worst-performing crypto assets, reflecting heightened market sensitivity to high-profile controversies. The situation underscores the volatile nature of meme coins and their susceptibility to external narratives. Investors are advised to monitor the evolving discourse for potential long-term implications on these digital assets.
Trump-Linked Token and Dogecoin Drop Amid Musk-Epstein Allegations
Elon Musk's public accusation that former President Donald Trump appears in Jeffrey Epstein-related documents has triggered a market reaction. Two meme coins with ties to the figures—OFFICIAL TRUMP and Dogecoin (DOGE)—rank among the day's worst-performing crypto assets, shedding value as the Musk-Trump alliance fractures.
The controversy stems from Musk's Thursday remarks about Epstein's files, reigniting scrutiny of the late financier's connections to powerful figures. Epstein, convicted of sex trafficking minors before his 2019 jailhouse death, counted celebrities and politicians among his associates. Market data shows both tokens sliding as the spat between the Tesla CEO and former president escalates.
Dogecoin Faces Bearish Pressure Amid Technical Warnings and DeFi Integration
Dogecoin (DOGE) has plunged 7.05% to $0.1755, extending its weekly loss to 14.35% as bearish momentum dominates. Trading volume surged 150% to $1.99 billion, reflecting aggressive selling rather than bullish conviction.
Technical indicators flash warning signs: an oversold RSI at 6.02, ADX reading of 60.3 confirming strong trend strength, and widening Bollinger Bands suggesting heightened volatility. The $0.1665 support level emerges as critical—a breach could accelerate declines toward $0.1570.
Coinbase's Base network adoption of wrapped Doge (cbDOGE) presents a counter-narrative, signaling growing DeFi integration despite price weakness. Market structure suggests traders should implement tight risk management, with stops below $0.1561.
Dogecoin Slumps 7% Amid Whale Dump and Musk's Recession Warning
Dogecoin plunged over 7% in early US trading, mirroring a broader crypto market downturn. The meme coin sector underperformed significantly, with DOGE trading at $0.1762 amid surging volume. A single whale's 400 million DOGE dump exacerbated bearish sentiment.
Elon Musk's escalating feud with former President TRUMP and his recession warnings contributed to market anxiety. Futures open interest dropped 6%, reflecting growing pessimism. The weekly decline now stands at 14%, marking one of DOGE's worst performances this quarter.
