Crypto News Today: When will Elon Musk Resign from DOGE?

Elon Musk Debunks Resignation Rumors

A whirlwind of speculation hit the crypto and political spheres as reports emerged that Elon Musk had stepped down from his role in the Trump administration. However, these rumors were swiftly debunked—by Musk himself. Taking to his X account, Musk retweeted a post clarifying that he has not resigned and will only depart “once his job is finished.” He further stated that he is “just getting started” and uncovering significant government inefficiencies.

Crypto Market Reacts to the Fake News

Musk's influence on the crypto market is undeniable, and even false reports about his decisions can create volatility. Following the initial wave of misinformation, Dogecoin (DOGE) and other Musk-associated cryptocurrencies saw temporary fluctuations. However, as the truth emerged, markets stabilized.

This incident highlights how quickly misinformation can spread and influence crypto sentiment. It also reinforces the importance of verifying news, especially when it involves figures like Musk, whose words and actions can shift markets in an instant.

Dogecoin Price Prediction: Is DOGE Price Affected by Elon's work?

Dogecoin has been on a downward trend so far, but that's because the entire crypto market is currently bearish. Since mid-March however, Dogecoin saw stability around the price of $0.15 and $0.17. 

DOGE/USDT 1-day chart - TradingView via Bitget

From a technical perspective, the fast and slow MAs seem to have crossed, indicating a temporary pause in the Dogecoin price down, and a potential upward movement. 

What’s Next for Musk and Crypto?

As Musk continues his role in the administration, his involvement in uncovering government inefficiencies could have far-reaching implications—not just politically, but also for the broader tech and financial sectors, including cryptocurrency. With his commitment to innovation and disruption, the crypto community will be closely watching what he does next.

For now, one thing is clear: Musk is here to stay, and his impact on both politics and digital assets is far from over.