A public feud between entrepreneur Elon Musk and former President Donald Trump has intensified, apparently contributing to a notable decline in the price of Dogecoin, a cryptocurrency long favored by Musk. The dispute, which centers around Musk's vocal opposition to a Republican tax and spending bill, marks a significant public break in the previously amicable relationship between the two prominent figures.

Dogecoin, which Musk has frequently promoted through social media mentions and memes, experienced a significant downturn as the conflict escalated. The meme coin's price dropped by 6% in a 24-hour period and has seen a cumulative fall of 12% over the past week, trading around $0.18 on Friday. The decline reportedly began on Tuesday, coinciding with Musk's sharp criticism of the proposed tax bill, which he described on his social media platform, X, as a "disgusting abomination" and urged to "kill the bill."

The disagreement escalated further when former President Trump publicly expressed his disappointment with Musk's stance. Speaking to reporters, Trump stated he was "very disappointed" in Musk's reaction to the tax bill. He elaborated on his frustration on Truth Social, writing, "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!" Trump added in another post, "I don't mind Elon turning against me, but he should have done so months ago."

This public falling out follows Musk's formal departure from his role as a "special government employee" with the Department of Government Efficiency just a week prior, when the two were reportedly saying fond farewells. What began as disagreements over the GOP budget bill quickly erupted into personal attacks exchanged on their respective social media platforms. While there was some hope for a reconciliation on Thursday evening, reports on Friday morning from a senior White House official, according to NBC, indicated that Trump was not interested in a phone call with Musk, suggesting the rift may persist.

The ongoing public dispute between these influential personalities continues to cast a shadow over Dogecoin. The cryptocurrency's sensitivity to Musk's public statements and actions is well-documented, and this latest confrontation with Trump appears to have negatively impacted investor sentiment towards the meme coin.