Elon Musk and Donald Trump are finally publicly criticizing each other on social media. While a meme coin about Musk surged after this incident, Dogecoin dropped by more than 9%.
They are two of the most influential figures in the world and also major figures in the cryptocurrency industry. This conflict could have a wide-ranging impact, especially on meme coins.
Trump, Cracks in Musk's Friendship
Elon Musk had been a partner in Donald Trump's cryptocurrency business for several months, but their relationship seems to be deteriorating.
Musk recently left D.O.G.E. and strongly opposed the "Big Beautiful Bill" that includes major tax cuts and increased defense spending. Today, this bill ultimately triggered a greater conflict, and Trump publicly criticized the Tesla CEO.
US President, on Truth Social
Particularly, the differences between Musk and President Trump are focused on D.O.G.E., which failed to deliver on its high promise of reducing government waste.
Meanwhile, Trump's tax bill promises billions of dollars in new tax cuts and government spending, directly weakening D.O.G.E.'s objectives.
As a result, Musk called Trump's bill a "disgusting, huge, absurd, pig-like monster" and urged his followers to discard it. This "Kill the Bill" slogan has become the name of several meme coins today.
Almost every meme coin currently trending on the Solana DEX is centered around Trump versus Elon Musk. Some tokens reached a market cap of nearly $7 million today.
Overall, this public conflict is quickly spiraling out of control, with Musk subtly accusing the president of being a pedophile. As others have pointed out, this is not the first time in their business relationship.
In 2022, Trump claimed that Musk would "beg on his knees" for government subsidies. After such an insult, this hostility will not be easily resolved.
Dogecoin, a long-beloved meme coin, naturally declined after the dispute with Trump, as it became Elon Musk's personal preference. However, it could have been worse.
Compared to Tesla's 15% drop, Dogecoin's 9% loss seems relatively small.
It's not surprising that there's a meme coin frenzy surrounding this event, as President Trump and Elon Musk have become massive figures in the cryptocurrency industry.
It will be interesting to see how many meme coins continue to profit from this public argument and how long this saga will last.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
