Dogecoin Price Slips, Amid Whale Dump, Elon Musk’s Recession Warning

Dogecoin price recorded a slump of more than 7% today amid a broader crypto market selloff. The meme coin sector was one of the top laggards in the digital assets space, as evidenced by the performance of the top players in the segment.

This has also fueled concerns among investors, with a whale grabbing attention with his latest dump of 400 million DOGE.

Meanwhile, this retreat in the broader market comes amid the latest developments in the US political landscape.

For context, billionaire Elon Musk has recently entered into a feud with President Donald Trump. Besides, Musk has also warned of a looming US recession, which has caught the eyes of investors.

Dogecoin Price Crashes 7%: Here’s a Quick Tour of DOGE Performance

DOGE price today lost more than 7% in the early US hours and traded at $0.1762, with its one-day volume skyrocketing 152% to $2 billion.

Notably, the crypto has recorded a 24-hour high and low of $0.1924 and $0.1692, respectively. Besides, CoinGlass data showed that Dogecoin Futures Open Interest also fell more than 6%, indicating the gloomy sentiment hovering in the market.

With its current decline, the weekly Dogecoin price has decreased by 14%. Meanwhile, the current gloomy sentiment in the market has sparked concerns among traders.

For context, a DOGE whale has offloaded 400 million coins recently, which has weighed on the investors’ sentiment.

According to Whale Alert data, a whale, identified by the wallet address “DU8gP…guBr5” has sent 400 million Dogecoin to Binance. Notably, the transfer was valued at $70.10 million. This has further triggered the gloomy trading in the market.

Elon Musk Warns of US Recession

Tesla CEO Elon Musk, who has actively backed Dogecoin earlier on social media platforms, has recently entered into a feud with President Donald Trump. Many deem this as a potential reason behind the recent Dogecoin price plunge.

The alliance between Elon Musk and Donald Trump has turned sour, with both billionaires engaging in a public spat over Trump’s tax and spending bill.

Musk criticized the bill, calling it “a disgusting abomination.” The feud escalated on social media, with the Tesla CEO accusing Trump of “ingratitude” and Trump downplaying the situation.

Besides, what caught the eyes of the investors is the recent comment from Dogecoin creator Billy Markus, AKA Shibetoshi Nakatomo, on X.

In a recent X post, the Dogecoin creator said, “can i finally say that trump’s tariffs are super stupid?” Responding to that, Elon Musk said “The Trump tariffs will cause a recession in the second half of this year.”

Despite the tension, a phone call between the two is scheduled, and Musk seems open to reconciliation.

For context, Trump backer Bill Ackman has recently urged “peace” between Trump and Musk, saying it would benefit the US. Commenting on that, Elon Musk responded, “You’re not wrong.”

The Meme Coin Sector Bleeds

Apart from Dogecoin price, the broader meme coin sector also recorded a massive selloff today. During writing, Shiba Inu price was down more than 4%, while Pepe Coin price slipped around 6%. Simultaneously, OFFICIAL TRUMP token price also recorded a slump of over 11%.

This robust decline in TRUMP coin price also indicates that the rift between Elon Musk and Donald Trump might have weighed on the traders’ sentiment. Having said that, investors should exercise due diligence while putting their bets amid the highly volatile trading scenario in the market.

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