Dogecoin (CRYPTO: DOGE) is down 13% over the past week and 88% below its all-time high, as the Elon Musk correlation that drove the coin for years has completely broken down.
The Musk Trade Stopped Working And The Catalyst That Replaced It Fizzled
For years, a single Musk post could send DOGE surging double digits. That relationship no longer holds. When Musk reposted an AI-generated video referencing Dogecoin on X in March, the coin barely moved.
The federal Department of Government Efficiency, the political catalyst that sent DOGE to a $61 billion market cap in November 2024, was terminated eight months ahead of schedule.
Moreover, Musk publicly distanced the agency from the coin, calling the similar names a coincidence and stating the government had no plans to use Dogecoin.
Over $47 billion in market cap has been erased since November 2024. The coin that once traded higher than …