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Dogecoin Drops as Much as 12% Amid Trump-Musk Drama
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Shaurya Malwa
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By Shaurya Malwa, CD Analytics|Edited by Parikshit Mishra
Jun 6, 2025, 7:00 a.m.
- Dogecoin’s price fell 12.5% in 24 hours amid tensions between Donald Trump and Elon Musk.
- Heavy selling pressure occurred between 16:00-20:00, with trading volume spiking to over 1 billion units.
- Resistance is now at $0.190, with support forming at $0.169-$0.170, as the market remains volatile.
Dogecoin
experienced a dramatic 12.5% decline over the past 24 hours, plunging from 19 cents to 16 cents as tensions between President Donald Trump and technology entrepreneur Elon Musk weighed down on crypto markets.
News Background
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- Dogecoin’s latest plunge comes against a backdrop of risk-off sentiment.
- Elon Musk — long known as a Dogecoin backer — said recently that the non-governmental Department of Government Efficiency (DOGE) would cease to exist as its work was deemed complete, cutting out a speculative catalyst that has oft impacted DOGE prices.
- Meanwhile, Musk’s public clash with former President Donald Trump over various economic and policy issues has drawn attention, adding another layer of intrigue to Dogecoin’s fortunes.
- While Musk’s support once propelled DOGE to dizzying heights, the token now faces the test of sustaining momentum amid shifting sentiment and global trade tensions.
As institutional investors reposition ahead of anticipated monetary policy shifts, DOGE’s future hinges on its ability to reclaim key resistance levels and rebuild trader confidence amid persistent volatility.
Price-Action
The sell-off was punctuated by heavy selling pressure during the 16:00-20:00 timeframe, with trading volume spiking to over 1 billion units — nearly five times the daily average — suggesting institutional distribution rather than retail panic.
The sell-off coincides with mounting global trade disputes that have weighed heavily on risk assets, including cryptocurrencies. While some modest stabilization has emerged in the 17 cents area, the technical picture remains challenging. The $0.190 level has now become a formidable resistance zone, with price action showing only tentative signs of recovery amid persistent market caution.
Technical Analysis Recap
- DOGE collapsed from $0.193 to $0.169, a 12.5% decline.
- Most intense selling occurred between 16:00-20:00, with volume exceeding 1 billion units — nearly 5x the average.
- Resistance formed at $0.190, with cascading sell orders rejecting multiple recovery attempts.
- Support established at $0.169-$0.170, with substantial buying interest creating a high-volume support zone.
- Price action has stabilized in the $0.171-$0.172 range, with modest accumulation patterns observed.
- Specific buying pressure emerged at 01:23, 01:34, and 01:50, briefly pushing price toward $0.172.
- A consolidation pattern is forming above the critical $0.169-$0.170 support zone, though risk remains elevated.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
