Crypto Markets Tumble After Elon Musk's Controversial Comments on Trump and Dogecoin

Musk Alleges Trump's Ties to Epstein Files, Sparking Crypto Turmoil

Tensions between the world's richest man and the President of the United States have reached a boiling point, with Elon Musk alleging that President Donald Trump is referenced in files related to convicted sex offender Jeffrey Epstein. This bombshell claim has sent shockwaves through the crypto community, as two meme coins closely tied to the two figures have plummeted in value.

The Official Trump token and Dogecoin, Musk's longtime favorite, are among the 10 worst-performing cryptocurrencies over the past 24 hours, according to CoinGecko. The public spat between the two powerful figures has brought their once-close alliance to a fiery end, with Trump even claiming that he asked Musk to leave his government position.

Epstein Files Controversy and Meme Coin Carnage

Epstein, who was charged for sex trafficking minors in 2019, had a web of connections with celebrities, politicians, and even members of the Royal Family. The public's interest in seeing the files related to his case has been piqued, but the FBI has only released a "first phase" with redactions, with no further updates since.

Musk now alleges that the reason the files have not been fully disclosed is that Trump's name is mentioned in them. However, he did not specify the extent of Trump's involvement. This claim has sent shockwaves through the crypto space, with both the Official Trump token and Dogecoin plummeting in value.

Meme Coin Mania and the Fallout

The fallout between Musk and Trump has spawned a surge in new meme coin launches, as traders seek to capitalize on the drama. According to Dune data, 37,769 tokens were created across the most notable launchpads on Thursday, a 25% increase from the previous day.

• The President Vs Elon meme coin climbed to an $8 million market cap before falling 75% to $1.96 million.
• A Pwedo token, playing off the allegation that Trump was involved with Epstein, spiked to $945,450 before also tanking 58% to $397,750.
• An Official Musk coin, mirroring the official Trump coin, surpassed $9 million, now down 64.5% to $3.19 million.
• The Kill Big Beautiful Bill token, which spawned at the start of Musk's rants about the President, initially peaked at $52.5 million, then dumped 86.7% to $6.97 million, before Musk's Epstein allegations caused it to pump 679% to a new all-time high of $54.4 million.

As the feud between Musk and Trump continues to unfold, the crypto space remains in a state of flux, with traders and speculators scrambling to capitalize on the latest developments. The reverberations of this high-profile fallout are sure to be felt for some time to come.