TL;DR
- Dogecoin dropped more than 5% after the interview in which Elon Musk admitted he had “gone too far” in politics and in his role leading the governmental DOGE.
- The memecoin fell from around $0.0723 to a low of $0.0685, and is down 5% on the week with a trading volume of $690 million.
- The government agency and the memecoin have no formal connection, but share a ticker and Musk’s figure as a historical link in market perception.
Dogecoinposted a weekly decline of over 5% after Elon Musk acknowledged, in an interviewwith The Economist, that his involvement in American politics was greater than he had intended. “I think I got too involved in politics,” the entrepreneur said.
“Frankly, I got carried away,” he added. The remarks shook the market: the memecoin, which was trading near $0.0723 minutes before the publication, fell below $0.07 and hit a low of $0.0685, according to CoinMarketCap data. At the time of reporting, it was trading around $0.0687, down 1.4% over the last 24 hours with a daily volume of $690 million, a figure that reflects a contraction of 15% compared to previous sessions.
Dogecoin and the Musk Effect: A Relationship the Market Does Not Forget
The Department of Government Efficiency was established by executive order from President Donald Trump on January 20, 2025, with the mandate to modernize federal technology and reduce public spending. Musk became its most visible figure, although his designation as a special government employee was capped at 130 days.
His role ended in late May 2025, and the initiative was officially concluded on July 4, 2026. During the interview, the entrepreneur defended the agency’s work but acknowledged that politics had consumed attention he should have devoted to his companies. “I think instead of doing DOGE, I basically would have been working on my companies,” he had stated on a prior occasion.
The connection between the federal agency and the cryptocurrency was never formal. They share only the acronym DOGE and Musk’s figure as a link in traders’ perception. Nevertheless, that association has been enough for the entrepreneur’s public moves — interviews, social media posts, jokes or endorsements — to recurrently and directly impact the price of the asset. This time was no exception.