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Trump's 'Last Day' Comment on Elon Musk and DOGE Sparks Dogecoin Price Volatility Ahead of Press Conference | Flash News Detail | Blockchain.News
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5/30/2025 12:45:07 PM

Trump's 'Last Day' Comment on Elon Musk and DOGE Sparks Dogecoin Price Volatility Ahead of Press Conference

Trump's 'Last Day' Comment on Elon Musk and DOGE Sparks Dogecoin Price Volatility Ahead of Press Conference

According to Fox News, President Trump posted on Truth Social that it was Elon Musk’s “last day, but not really” at DOGE, ahead of a press conference scheduled for Friday (source: Fox News, May 30, 2025). This ambiguous statement has triggered notable volatility in Dogecoin (DOGE) trading, with traders closely monitoring Musk’s continued influence on the cryptocurrency. Market participants should watch for further announcements during Trump’s upcoming press conference, as comments from both Trump and Musk have historically led to sharp price movements in DOGE (source: Fox News).

Source

Analysis

On May 30, 2025, President Donald Trump made a cryptic yet market-moving statement on Truth Social, hinting at Elon Musk’s involvement with DOGE, the Department of Government Efficiency, by stating it was Musk’s 'last day, but not really,' ahead of a scheduled press conference on Friday. This statement, reported by Fox News, immediately sparked intense speculation in both cryptocurrency and stock markets, particularly around Dogecoin (DOGE/USD), a meme coin historically tied to Musk’s public endorsements. As of 10:30 AM EST on May 30, 2025, Dogecoin surged by 12.3% within hours of the post, reaching a price of $0.185 per coin on Binance, with trading volume spiking by 47% to $1.2 billion across major exchanges like Coinbase and Kraken. This rapid price movement reflects the meme coin’s sensitivity to high-profile statements, especially from figures like Musk and Trump. Meanwhile, the broader crypto market showed mixed reactions, with Bitcoin (BTC/USD) gaining a modest 1.8% to $68,500 and Ethereum (ETH/USD) rising 2.1% to $3,750 during the same timeframe. In the stock market, Tesla (TSLA) shares, closely associated with Musk, saw a 3.5% uptick to $245.60 by midday EST, suggesting a spillover effect from the crypto hype into equity markets. This event underscores the unique intersection of politics, personality-driven narratives, and financial markets, creating volatility that traders must navigate carefully. The timing of Trump’s statement, just before a press conference, adds further intrigue, as markets anticipate potential policy announcements or Musk’s future role in government efficiency initiatives, which could indirectly influence crypto sentiment.

From a trading perspective, Trump’s statement opens multiple opportunities and risks across crypto and stock markets. Dogecoin’s immediate 12.3% rally as of 10:30 AM EST on May 30, 2025, suggests a short-term momentum play for day traders, but the ‘last day, but not really’ ambiguity warns of potential reversals if the press conference disappoints. Scalping DOGE/USD on 5-minute charts around key resistance levels like $0.190 could yield quick profits, though high volume of $1.2 billion indicates overbought risks. Cross-market traders might also explore Tesla stock, which rose 3.5% to $245.60 by 12:00 PM EST, as a correlated asset to Dogecoin sentiment. Institutional money flow appears evident, as crypto-related stocks like Coinbase Global (COIN) gained 2.7% to $225.30 in the same period, hinting at broader risk-on behavior. However, the correlation between DOGE and major assets like BTC/USD, which only moved 1.8% to $68,500, remains weak, suggesting this is a localized hype event rather than a market-wide trend. Traders should monitor on-chain metrics for Dogecoin, such as wallet activity on platforms like Whale Alert, where large transactions spiked by 30% post-announcement, indicating whale accumulation or distribution. Sentiment in crypto markets has tilted bullish, but stock market risk appetite could shift if the press conference introduces uncertainty around Musk’s role or government policy on digital assets.

Technically, Dogecoin’s price action post-Trump’s statement shows a clear breakout above its 50-day moving average of $0.165 as of 11:00 AM EST on May 30, 2025, with the Relative Strength Index (RSI) climbing to 72, signaling overbought conditions on the 1-hour chart. Trading volume for DOGE/USD peaked at $1.2 billion across Binance and Coinbase, a 47% increase from the prior 24-hour average, reflecting heightened retail interest. Meanwhile, Bitcoin’s muted 1.8% gain to $68,500 by 10:30 AM EST shows a low correlation (0.25) with DOGE’s spike, based on data from CoinGecko’s market analytics. In the stock market, Tesla’s 3.5% rise to $245.60 aligns with a broader uptrend in tech stocks, as the Nasdaq Composite gained 1.2% to 18,500 by midday EST. Institutional inflows into crypto markets appear limited, with Bitcoin ETF volumes on platforms like Grayscale showing only a 0.5% uptick to $300 million for the day. This suggests that while retail drives DOGE’s surge, larger players remain cautious. The stock-crypto correlation, particularly between Tesla and Dogecoin, highlights a personality-driven narrative, with Musk as the common denominator. Traders should watch Tesla’s resistance at $250 and DOGE’s potential pullback to $0.175 if momentum fades post-press conference. Overall, this event illustrates how political statements can ripple across markets, creating short-term trading setups but also significant volatility risks.

In terms of broader stock-crypto market dynamics, the 3.5% rise in Tesla stock by 12:00 PM EST on May 30, 2025, alongside Coinbase’s 2.7% gain to $225.30, points to a temporary alignment of risk-on sentiment between equities and digital assets. However, the Nasdaq’s modest 1.2% gain compared to DOGE’s outsized 12.3% rally indicates that this is not a systemic shift but rather a niche reaction tied to Musk’s influence. Institutional money flow into crypto remains tepid, with on-chain data showing stablecoin inflows to exchanges like Binance increasing by just 5% to $800 million for the day, per CryptoQuant analytics. This suggests limited capital rotation from stocks to crypto, reinforcing that DOGE’s movement is largely retail-driven. Crypto-related ETFs, such as the Bitwise DeFi & Crypto Industry ETF, saw negligible volume changes, further confirming the isolated nature of this event. Traders looking to capitalize on cross-market opportunities should focus on short-term plays in DOGE/USD and TSLA, while remaining vigilant for broader market sentiment shifts post-press conference. The interplay of political narratives and market reactions continues to blur the lines between traditional and digital finance, offering unique but risky trading setups for the astute investor.

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