Trump-Musk fight is a disaster for memecoins

Although Bitcoin is already looking up and trading near to its ATH again, things are markedly different for memecoins ever since the spectacular feud between Donald Trump and Elon Musk erupted. The memecoins that are related to them have suffered a hammering (although $Trump is still doing quite well) while it is precisely memecoins that normally rise when Bitcoin has a few good days.

Dinner

Last week, international media mainly focused on the decline in Tesla and Trump Media & Technology Group shares, which are linked to Musk and Trump, but for crypto fans, the decline in both Dogecoin and other memecoins was particularly striking. Dogecoin has been struggling for about 6 months, especially since Musk started working for the Republican president. The fact that his ‘Doge’ department laid off people meant that the most famous memecoin could no longer count on much popularity among younger investors.

While Bitcoin easily sharpened its ATH, Dogecoin could never again reach the level of November 2024, the month in which Trump won the election. Other memecoins that are linked to Trump and Musk, such as PEPE, MAGA, GROK and some others, are also struggling with the two men openly attacking each other.

One memecoin is still doing well and has started a steady climb again in the past few weeks. Ever since the US President hosted a dinner for the biggest Hodlers of his own memecoin, $TRUMP started a comeback and is now once again trading in the top 50 of CoinMarketCap.