American billionaire Elon Musk’s involvement in Dogecoin (DOGE) and the broader cryptocurrency space has always drawn attention.
Notably, his leadership role at the Department of Government Efficiency (D.O.G.E) since President Donald Trump’s administration’s inauguration has been no exception.
However, recent reports indicate that Elon Musk may be stepping back from his role as Senior Advisor to the President at D.O.G.E.
This recent development has prompted much conversation about its potential impact on Dogecoin’s price in the coming weeks.
Additionally, another recent development is worth considering. Musk, while speaking in Wisconsin at a town hall, discussed that there is no scope for DOGE to be integrated or utilized in any official Government dealings.
D.O.G.E Transitions – Elon Musk and Kalshi CRO
According to POLITICO, Elon Musk’s time in Washington appears to be coming to an end.
As detailed, President Trump informed some in his inner circle that the Tesla CEO would be stepping back from his role as a governing partner at D.O.GE.
Musk’s departure is expected in late May or early June when his special government employee status expires.
As reported, there has not been a fallout between the President and Musk.
However, the decision comes as the tech mogul increasingly looks like a political liability.
While Musk has not ruled out staying in an informal advisory role, his presence in official matters may be reduced.
In her latest X post, American journalist Eleanor Terrett also revealed that Eliezer Mishory, the Chief Regulatory Officer and General Counsel at Kalshi, is reportedly leaving the company to join Musk at D.O.G.E.
Mishory, who previously worked at the IRS and CFTC, brings regulatory expertise that could shape D.O.G.E policies.
However, it is unclear what impact these changes will have on Dogecoin news moving forward.
Some analysts believe Musk’s shift in focus to his business ventures could mean less public promotion of Dogecoin, a factor historically influencing its price.
His past posts and endorsements have led to major Dogecoin price rallies. His reduced involvement in political affairs may see him directing more attention toward his companies, including Tesla, X, and SpaceX.
Will Elon Musk’s D.O.G.E Departure Affect Dogecoin?
It is worth noting that Musk’s connection to Dogecoin is one of the strongest among other major cryptocurrencies.
This is why investors are interested in Elon’s departure from the American Department of Government Efficiency and other public roles.
For instance, some experts believe that his departure from D.O.G.E could mean fewer official mentions of DOGE in government-related discussions.
While Elon Musk’s influence on the meme coin’s popularity and market movement is undeniable, it is important to note that it has been more about public enthusiasm than policy decisions.
This means that Dogecoin’s long-term value is still connected to broader market trends, development efforts, and adoption rather than Musk’s individual actions.
Some crypto influencers believe that Musk’s continued mention of Dogecoin on his social media platforms could significantly impact its price.
Dogecoin News and DOGE Price Outlook
Market data shows that Dogecoin has dropped 10% over the past week despite some recovery in the broader crypto market.
Current data shows the coin’s Relative Strength Index (RSI) at 41. This is indicative of neutral momentum for the coin.
However, the Moving Average Convergence Divergence (MACD) suggests a bearish trend.
In addition, the earlier Dogecoin price prediction pegs key resistance levels, at $0.18 and $0.21, are in focus.
On the upside, Dogecoin must reclaim $0.2 to gain a bullish outlook, but longer-term resistance at $0.25 remains strong.
Dogecoin is struggling to breakout at the moment and market data pegs the coin trading at $0.1742, up 0.97% in the last 24 hours.
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