Dogecoin Surges as Elon Musk Backtracks on Trump Clash, Says He “Went Too Far”

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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Last updated: 

June 11, 2025

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Dogecoin (DOGE) surged more than 6% on Wednesday, trading at $0.2029, after Elon Musk publicly walked back his highly publicized spat with U.S. President Donald Trump.

The billionaire entrepreneur, who had spent the past week escalating a bitter online feud with Trump, took to X to issue a rare mea culpa, admitting his comments “went too far.”

“I regret some of my posts about President Donald Trump last week. They went too far,” Musk wrote early Wednesday morning on the platform he owns.

Six Days of Heated Exchange Between Musk and Trump

The reversal follows six days of heated exchanges sparked by Musk’s attack on Trump’s “Big, Beautiful Bill,” which he had described as “a disgusting abomination.”

The spending package, which passed with support from both parties, had drawn sharp criticism from Musk, who called on citizens to pressure lawmakers to “KILL the BILL.”

Trump responded by calling Musk’s actions “disappointing” and questioned his loyalty, setting off a volley of increasingly personal attacks between the two, including references to SpaceX contracts and explosive allegations involving the late Jeffrey Epstein.

Musk even shared an old video of Trump and Epstein together, fanning the flames.

The back-and-forth escalated across their respective platforms, X and Truth Social, culminating in threats from Trump to revoke Musk’s government contracts and a retaliatory post from Musk suggesting he would decommission SpaceX’s Dragon spacecraft.

The feud drew widespread attention, with former Trump strategist Steve Bannon calling for Musk to be deported and late-night television turning the incident into fodder.

However, the Musk-Trump rift has since been overshadowed by mass protests in Los Angeles over Trump’s immigration policies and his deployment of the National Guard.

While the political feud dominated headlines, DOGE quietly rallied.

The memecoin, often seen as a proxy for Musk’s public sentiment, climbed over 6.60% in the past 24 hours, with its market cap rising to $30.37 billion, according to CoinMarketCap.

Volume also saw a 24% increase, reaching $1.61 billion, signaling renewed retail activity.

Dogecoin Approaches Overbought Conditions

Dogecoin is trading at $0.2036 with modest intraday gains, supported by increasing volume and technical indicators pointing to bullish momentum.

On the 2-hour chart, the RSI is hovering near 70, signaling approaching overbought conditions, while the MACD shows a bullish crossover above the zero line, indicating upward momentum remains intact.

The Bollinger Bands are widening, suggesting rising volatility, and the price is testing the upper band near $0.204.

On the 30-minute chart, DOGE pushed above the midline of its Bollinger Bands, while the RSI climbed above 74—confirming short-term buying pressure.

However, overbought signals on both hourly and lower timeframes hint at a possible pullback or consolidation ahead.

On the 1-minute chart, DOGE appears to be stabilizing, with RSI near 58 and MACD flattening.

Immediate support lies at $0.1983, while resistance is at $0.205. A clean breakout above $0.205 could open the door for a test of $0.22.