Elon Musk and Donald Trump are finally falling out in the open, directing digs at each other over social media. A series of Musk-themed meme coins have risen in the event’s wake, but DOGE is down over 9%.
These are two of the most powerful men in the world, and each is a titanic figure in the crypto industry. This split could have broad ramifications for the entire ecosystem, especially meme coins.
Trump And Musk’s Friendship Rupture
Elon Musk has been a partner of Donald Trump’s crypto enterprises for several months now, but it looks like the pair’s relationship is falling apart.
Musk left D.O.G.E. several days ago, and he’s been voicing firm opposition to the “Big Beautiful Bill”, which includes major tax breaks and increased defence spending. Today, this bill ultimately triggered a broader fallout, with Trump publicly criticizing the Tesla CEO:
US President on Truth Social
Specifically, Musk’s disagreement with President Trump has centered around D.O.G.E., which was unable to deliver on its lofty promise of cutting government waste.
Meanwhile, Trump’s tax bill would promise billions in new tax cuts and government spending, directly undermining D.O.G.E.’s mission.
This prompted Musk to call Trump’s bill a “disgusting, massive, outrageous, pork-filled abomination,” encouraging followers to kill it. This “Kill the Bill” slogan has become a rallying cry and the name for several of today’s resulting meme coins.
Almost all of the trending meme coins on Solana DEX are now centered around Trump vs Elon Musk. Some of these tokens have even stacked nearly $7 million in market cap today.
Overall, this public spat has quickly spun out of control, with Musk obliquely accusing the President of pedophilia. As others have pointed out, this isn’t the first low in their business relationship.
In 2022, Trump claimed that Musk would be willing to “drop to [his] knees and beg” for government subsidies. After such insults, this sort of acrimony won’t resolve itself easily.
Dogecoin, the long-running meme coin, has become a personal favorite of Elon Musk, so it naturally fell after the Trump argument. Still, it could be worse.
Musk’s company, Tesla, dropped by a whopping 15%, so DOGE’s 9% losses seem smaller by comparison.
DOGE Price Performance. Source: BeInCrypto
Both President Trump and Elon Musk have become titanic figures in the crypto industry, so the meme coin craze around this sage is not surprising.
It’d be interesting to see how many more meme coins continue to cash-on this public dispute, and how long this saga continues.
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