Dogecoin drops 5% to $0.0685 after Musk says he got carried away

Dogecoin fell 5.3% to $0.0685 after Elon Musk told The Economist he got "carried away" with politics and his role leading the government's DOGE department.

"I think I got a little too involved in politics, got carried away, frankly," Musk, chief executive officer of Tesla Inc. and SpaceX, said in the interview published Thursday.

The memecoin's decline pushed its weekly loss to 5%, with 24-hour trading volume reaching $690 million, according to CoinGecko. Musk donated more than $250 million to back President Donald Trump's 2024 campaign and later led the Department of Government Efficiency, a cost-cutting initiative that shut down July 4 after cutting jobs and funding across federal agencies.

The admission raises questions about Musk's future engagement with the crypto sector, given his history of influencing Dogecoin prices through social media posts and public appearances. DOGE now faces a key support test at $0.0650, a level not breached since early June.

Musk's four-month stint at DOGE ended in late May 2025, after which he and Trump had a falling out over the One Big Beautiful Bill Act. The relationship later mended, with Musk attending a White House dinner in November and joining Trump on a trip to China with other tech leaders in May.

The billionaire's political involvement spilled over onto his companies, with Tesla's stock sinking during his time in the administration. Musk had also explored launching a third political party, though the effort never materialized.

For Dogecoin, the risk is that Musk's retreat from politics could also mean reduced engagement with the memecoin he has long championed. The token remains the largest memecoin by market capitalization but has struggled to reclaim levels above $0.10 since late 2024.

This article is for informational purposes only and does not constitute investment advice.