Rumor of Elon Musk Pulling Out of DOGE Shakes Up the Dogecoin Market

Elon Musk, the billionaire entrepreneur behind Tesla and SpaceX, has once again become the center of attention—this time due to speculation that he may resign from his public leadership role in the DOGE organization. This development has caused a wave of unease among Dogecoin holders, as Musk has a long-standing symbolic connection to memecoin. As the Washington Post reported, Musk is considering giving up several public duties, including his chairmanship at the quasi-political organization, linked to the cryptocurrency DOGE. While the organization's role is often dismissed as satire, its relationship with Musk has significantly influenced Dogecoin's public image and market dynamics. Why Musk's Departure Could Be Significant for DOGE Although DOGE may not directly control the Dogecoin protocol, Musk's relationship has been the main catalyst in previous price increases. His tweets and public appearances have historically triggered an immediate response in the market. Now, as political tensions rise surrounding his public appearances—especially in the context of U.S. Senator Elizabeth Warren's efforts to limit his influence—analysts believe that his withdrawal from DOGE could have short-term psychological and pricing impacts on DOGE. Speculation around the possibility of his resignation has led to a significant market reaction. Some investors are concerned that the lack of Musk's symbolic endorsement could weaken the perceived relevance of Dogecoin in the memecoin segment. The Market's Reaction and Outlook Remains Divided Despite the uncertainty, some market observers believe that Dogecoin could maintain stability even if Musk withdraws from DOGE. Platforms like ZAYK Charts have indicated early signs that a bullish trend is forming on the DOGE chart, suggesting that the price action remains resilient. Meanwhile, other experts emphasize that Dogecoin has gradually developed a life of its own, supported by ongoing development efforts, decentralized community backing, and irregular but periodic retail interest. The short-term volatility caused by Musk-related headlines may not necessarily divert its long-term prospects. Note that political dynamics, especially in the United States, can accelerate or slow down this transition process. If a resignation is confirmed, the market may experience a temporary sell-off, but the established foundation of Dogecoin may help absorb the shock.