Does the DOGE Price Drop Signals Crash After Musk's Exit?

Will DOGE Price Drop Continue After Elon Musk’s Government Exit?

Elon Musk has stepped down from his position in the Department of Government Efficiency, a special office started by President Donald Trump earlier this year. The news came after Musk finished his 130-day term as a Special Government Employee. His leadership brought bold ideas, cost-cutting, and big promises for a smarter, faster government. But with his exit, people are wondering: What happens now to the $DOGE token that got so much attention during his time in office? 

It was launched in January 2025 with one clear goal, make the U.S. government work better for less money. President Trump brought in Elon Musk to lead it. Musk took the challenge seriously, calling out wasteful contracts, pushing digital tools, and trying to clean up old, messy systems.

One major project he led was upgrading the Office of Personnel Management’s retirement system. This office still used paper files to handle retirements. All in all, the department claimed to save over $160 billion by cutting waste and pushing for smarter systems. 

How the DOGE Came Into the Picture

Shortly after the department was formed, a new token started gaining traction in the crypto world. Many people believed it was linked to the department, especially because of its name and Elon's connection. Even though the government never officially backed the token, the hype grew fast. 

Musk’s Exit and the Token’s Fall

On his last day, Elon posted a thank-you message on X, saying he was grateful to have worked with President Trump and proud of the progress made. He added that the department’s mission would “only grow stronger over time.”

President Trump also shared a message on X (previously Twitter): “This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific!”.

Source: The White House

But right after Elon's announcement, the DOGE tied to the department’s name began to drop in price. Investors started to panic. DOGE has fallen down by 21.62% within the last 24 hours and 40.34% down in the last seven days. The trading volume has also increased by 71.29% in the last 1 day, demonstrating selling by the holders. As of writing, it is currently trading at $0.01697 as per the CoinMarketCap. 

Source: CoinMarketCap

What Comes Next?

Without Musk at the helm, the department will continue its mission with new leadership. But for the DOGE cryptocurrency the way ahead is not certain. The price drop demonstrates how much it relied on the influence and attention of Elon Musk.

After the whole situation, it can be concluded that, without the influence of Elon, this crypto might vanish as it is continuing to drop. Also, there is some chance left of it bouncing back. 

Whether the token survives the shift, or fades away with the buzz, will depend on what happens next.