A public rift between Elon Musk and Donald Trump has just been triggered by Musk's claim about Trump being in the Epstein files.
Elon Musk's now-deleted X post explicitly accused Donald Trump of being mentioned in the unreleased Jeffrey Epstein files.
Soon after Musk's claim, Dogecoin immediately dropped 6.8%, and the Official Trump token plummeted over 10%.
The controversy sparked a massive increase in new memecoin creations, with over 37,000 launched on Thursday alone.
The claims about Trump's presence in the Epstein files are still unverified, but memecoins continue to be highly sensitive.
The alliance between US President Donald Trump and tech billionaire Elon Musk has turned very sour over the last week.
While this fallout has been a major source of internet gossip, its implications are starting to ripple through the financial markets, especially the crypto memecoin space.
Soon after things went belly-up between both, Musk took to X to make some damning claims against Trump.
According to Musk, Trump’s name is present in the unreleased Jeffrey Epstein files, and both the $DOGE and $TRUMP memecoins plummeted because of it.
Here’s some insight as to what the Epstein files are, and how this affected the crypto market.
Musk Drops the “Epstein Bomb”
Sometime between Friday and press time, Elon Musk, the owner of X, and one of the most influential figures in tech took to his platform to accuse Trump of being mentioned in the infamous Epstein files.
Without elaborating on his statements, Musk posted in a now-deleted Tweet:
“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!”
This claim, though without proof, sent ripples across social media and the crypto market.
It resparked public interest in the sealed or redacted Epstein files. For context, the Epstein files refer to a vast collection of documents, videos and investigative materials compiled by U.S. federal authorities.
These files come from investigations into Jeffrey Epstein, the now-deceased financier and convicted sex offender.
These documents contain details of his activities, his alleged sex trafficking network, and his associations with several famous individuals who allegedly participated in said network.
Musk, in this case, alleges that Trump was one of Epstein’s clients.
Memecoin Prices Take a Hit
Almost immediately, memecoins associated with Trump and Musk felt the heat.
Dogecoin, Musk’s favorite memecoin slipped by around 6.8% almost instantly to $0.1788.
Even though this slump might seem unrelated to the political drama, Dogecoin has long been linked to Musk’s persona.
He famously dubbed himself the “Dogefather” and even included DOGE into Tesla’s online store for merchandise payments.
His association with the coin has made it vulnerable to his public standing, and the asset tends to rise or fall sometimes.
Meanwhile, the Official Trump token dropped alongside, by over 10% to $9.66.
This made it the second-worst performing asset among the top 100 cryptocurrencies on CoinGecko between Friday and Saturday.
The crash came just two weeks after Trump hosted a private dinner for the top 220 holders of the TRUMP token.
While both of these tokens have recovered somewhat, Dogecoin is still down by 3% over the weekly timeframe, alongside a more devastating 6% on TRUMP.
The total memecoin market cap has only moved up by around 0.04% over the same timeframe, alongside a 3% decline in trading volume.
Traders Rush to Mint Spinoff Tokens
Where there’s crypto drama, there’s also opportunity. Traders took the opportunity to launch a fresh wave of memecoins, in the hopes of riding the short-term hype.
According to data from Dune Analytics, over 37,000 tokens were created on various crypto launchpads on Thursday alone.
This stands as a 25% jump from the previous day, with memecoins like “President Vs Elon” which initially hit an $8 million market cap before collapsing 75% to $1.96 million, and Pwedo peaking at nearly $945,000 before dropping 58%.
Another token, “Official Musk token “ (which is an obvious parody of the Official Trump token briefly crossed $9 million in value before plunging 64.5%.
Overall, there are still many unknowns. Musk’s claim about Trump’s mention in the Epstein files is still unverified, and the FBI’s partial release earlier this year didn’t include any clear connection to the former president.
As for the memecoins, these assets are still extremely sensitive to the news, and investors are advised to consider risk alongside opportunity.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Memecoins DOGE, TRUMP Token Dive Amid Musk–Trump Epstein Feud
Key Insights
The alliance between US President Donald Trump and tech billionaire Elon Musk has turned very sour over the last week.
While this fallout has been a major source of internet gossip, its implications are starting to ripple through the financial markets, especially the crypto memecoin space.
Soon after things went belly-up between both, Musk took to X to make some damning claims against Trump.
According to Musk, Trump’s name is present in the unreleased Jeffrey Epstein files, and both the $DOGE and $TRUMP memecoins plummeted because of it.
Here’s some insight as to what the Epstein files are, and how this affected the crypto market.
Musk Drops the “Epstein Bomb”
Sometime between Friday and press time, Elon Musk, the owner of X, and one of the most influential figures in tech took to his platform to accuse Trump of being mentioned in the infamous Epstein files.
Without elaborating on his statements, Musk posted in a now-deleted Tweet:
“Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!”
This claim, though without proof, sent ripples across social media and the crypto market.
It resparked public interest in the sealed or redacted Epstein files. For context, the Epstein files refer to a vast collection of documents, videos and investigative materials compiled by U.S. federal authorities.
These files come from investigations into Jeffrey Epstein, the now-deceased financier and convicted sex offender.
These documents contain details of his activities, his alleged sex trafficking network, and his associations with several famous individuals who allegedly participated in said network.
Musk, in this case, alleges that Trump was one of Epstein’s clients.
Memecoin Prices Take a Hit
Almost immediately, memecoins associated with Trump and Musk felt the heat.
Dogecoin, Musk’s favorite memecoin slipped by around 6.8% almost instantly to $0.1788.
Even though this slump might seem unrelated to the political drama, Dogecoin has long been linked to Musk’s persona.
He famously dubbed himself the “Dogefather” and even included DOGE into Tesla’s online store for merchandise payments.
His association with the coin has made it vulnerable to his public standing, and the asset tends to rise or fall sometimes.
Meanwhile, the Official Trump token dropped alongside, by over 10% to $9.66.
This made it the second-worst performing asset among the top 100 cryptocurrencies on CoinGecko between Friday and Saturday.
The crash came just two weeks after Trump hosted a private dinner for the top 220 holders of the TRUMP token.
While both of these tokens have recovered somewhat, Dogecoin is still down by 3% over the weekly timeframe, alongside a more devastating 6% on TRUMP.
The total memecoin market cap has only moved up by around 0.04% over the same timeframe, alongside a 3% decline in trading volume.
Traders Rush to Mint Spinoff Tokens
Where there’s crypto drama, there’s also opportunity. Traders took the opportunity to launch a fresh wave of memecoins, in the hopes of riding the short-term hype.
According to data from Dune Analytics, over 37,000 tokens were created on various crypto launchpads on Thursday alone.
This stands as a 25% jump from the previous day, with memecoins like “President Vs Elon” which initially hit an $8 million market cap before collapsing 75% to $1.96 million, and Pwedo peaking at nearly $945,000 before dropping 58%.
Another token, “Official Musk token “ (which is an obvious parody of the Official Trump token briefly crossed $9 million in value before plunging 64.5%.
Overall, there are still many unknowns. Musk’s claim about Trump’s mention in the Epstein files is still unverified, and the FBI’s partial release earlier this year didn’t include any clear connection to the former president.
As for the memecoins, these assets are still extremely sensitive to the news, and investors are advised to consider risk alongside opportunity.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.