Is Elon’s departure at Doge good news for Dogecoin?

Crypto enthusiasts had been hoping for another epic bull run for Dogecoin after Elon Musk announced last year that he would lead a “department of Government Efficiency” or DOGE in the Trump administration. However, as we reported earlier this year already, the opposite happened. With Doge negatively in the news every day, the price of Dogecoin had been dropping rapidly.

Elon Musk, who explained Tesla’s disastrous quarterly results earlier this week, indicated that he would invest less time in Doge in the future. Will this have a positive effect on Dogecoin?

Doge work completed

Fans of the biggest of all memecoins, Doge, are probably happy with the news that Elon Musk is stepping down from the task force that is implementing major cutbacks in US government services. Because Doge was in the news so often the price of Dogecoin plummeted alongside Elon’s reputation.

Musk has announced that he will focus on his car brand Tesla again from May. He claims that his work at Doge is almost done.

Musk acted as an advisor to US President Trump, which apparently caused great dissatisfaction among some (potential) Tesla customers – which in turn explains why Tesla’s profit in the first three months of this year has already fallen by 71 percent.

Opponents are calling for a boycott of Tesla and several dealerships. Charging stations and customer vehicles have already been targeted for vandalism. Dogecoin, Musk’s favorite cryptocurrency, has also fallen sharply in recent months.

After Musk announced he was stepping down from the advisory board of ‘Doge’, the price of the memecoin quickly rose. Time will tell whether this was a temporary effect or not.