Once a major bullish catalyst for Dogecoin, Elon Musk's increasingly controversial role in the Trump administration may now be killing DOGE.

Memecoins are rallying, with Dogecoin (DOGE) up 10.3%, Shiba Inu (SHIB) gaining 5.5%, and Pepe (PEPE) rising 5.7% in the past 24 hours. The Official Trump (TRUMP) token surged 20.6%, while Bonk (BONK) climbed 11.7%. Overall, the memecoin market is seeing renewed momentum, with trading volumes soaring past $9.38 billion in the last 24 hours.

Elon Musk's Tesla stock has been on a sharp decline, losing nearly 15% of its value over the past few days. This drop follows a loss of post-election