Musk and Trump Engage in War of Words, Affecting Dogecoin and Other Assets Closely Tied to Musk
According to a report by Jinse Finance, the public dispute between U.S. President Trump and former Department of Government Efficiency (DOGE) "advisor" Musk has led to a decline in the value of transactions related to Musk and some related to Trump. Dogecoin fell by 10% on Thursday, and the ETF associated with the space exploration company SpaceX dropped by 13%. This highlights the risks of personality-driven investments, where investors are drawn to products associated with dominant figures like Musk and Trump and are susceptible to sudden changes in public image. The rise of crypto tokens, ETFs, and other financial products has fueled a speculative investment landscape, allowing retail investors to bet on the fortunes of billionaires like Musk and Trump, often without considering traditional fundamentals.
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