How does Elon Musk leaving D.O.G.E. affect the price of DOGE?

The involvement of American billionaire Elon Musk in Dogecoin (DOGE) and the broader cryptocurrency space always attracts attention. In particular, his leadership role at the Department of Government Efficiency (D.O.G.E) since President Donald Trump took office is no exception.

However, recent reports indicate that Elon Musk may step down from his position as Senior Advisor to the President at D.O.G.E. This development has sparked much discussion about the potential impact on the price of DOGE in the coming weeks.

Billionaire Elon MuskAdditionally, another recent piece of information is also worth considering. During a talk in Wisconsin, Musk mentioned that there is no possibility of DOGE being integrated or used in any official transactions of the Government.

Transfer of D.O.G.E: Elon Musk and CRO Kalshi

According to POLITICO, Elon Musk's time in Washington seems to be coming to an end. President Trump has informed some insiders that the Tesla CEO will step down from his role as an operating partner at D.O.G.E.

Musk is expected to leave at the end of May or the beginning of June when his special government employee term ends. According to reports, there is no division between the President and Musk. However, this decision comes at a time when the tech billionaire is increasingly becoming a political risk factor.

Although the possibility that Musk continues to stay in an unofficial advisory role cannot be ruled out, his presence in official matters is likely to decrease. In a recent post on X, American journalist Eleanor Terrett also revealed that Eliezer Mishory, the Director of Regulatory Management (CRO) and General Counsel at Kalshi, is said to be leaving the company to join Musk at D.O.G.E.

Having worked at the IRS and CFTC, Mishory has expertise in regulatory management and can shape the policy of D.O.G.E. However, it is still unclear how these changes will affect news about Dogecoin in the future.

Some analysts believe that Musk shifting his focus to business projects may mean a reduction in the public promotion of Dogecoin, a factor that has previously had a strong impact on the value of this memecoin.

His past posts and support have led to significant price surges. Limiting involvement in political issues may allow him to focus more on his companies, including Tesla, X, and SpaceX.

Will Elon Musk leaving D.O.G.E affect Dogecoin?

It is important to note that Musk's connection with Dogecoin is one of the strongest relationships among other major cryptocurrencies. That is why investors are particularly interested in Musk's departure from the U.S. Government Efficiency Department and other public roles.

For example, some experts believe that Musk's departure from D.O.G.E could mean that Dogecoin will be less mentioned in official discussions related to the government. Although Elon Musk's influence on the popularity and volatility of the memecoin market is undeniable, it is important to note that this influence mainly stems from public enthusiasm rather than policy decisions. The long-term value of Dogecoin still depends on broader market trends, development efforts, and widespread adoption, rather than Musk's individual actions.

Some KOLs in the crypto community believe that Musk's continued mention of Dogecoin on social media platforms could significantly affect the price of this coin.

News about Dogecoin and DOGE price outlook

Market data shows that Dogecoin has dropped 15% over the past week despite some recovery movements in the crypto market overall.

The Relative Strength Index (RSI) of this coin is currently at 41, indicating neutral momentum. However, the MACD indicator suggests a downward trend.

In addition, the previous price forecast for DOGE indicates significant resistance levels at $0.18 and $0.21 that are being monitored.

On the bullish side, DOGE needs to reclaim the $0.2 level to have growth potential, but the long-term resistance at $0.25 remains very strong.

Dogecoin is currently struggling to break out and is trading at $0.16, down 1.5% in the past 24 hours.

DOGE 4-hour price chart | Source: TradingviewDisclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions

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Dinh Dinh

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