In brief
Elon Musk claimed on Thursday that President Trump is named in the files relating to convicted child sex offender Jeffrey Epstein .
Following this, the Official Trump token and Dogecoin have dropped in price as two of the biggest losers of the day.
This comes amid a public spat between the President of the United States and the richest man in the world, as the bromance comes to a painful close.
Tensions between the U.S. President and the richest man in the world came to a boiling point on Thursday, with Elon Musk alleging that President Donald Trump is referenced in files relating to convicted child sex offender Jeffrey Epstein.
As a result, two meme coins tied to Trump and Musk have sagged in value as the allyship comes to a fiery end. Both the Official Trump token and Dogecoin are in the 10 worst performing crypto assets over the past 24 hours, according to CoinGecko.
Epstein was charged for sex trafficking minors in 2019, this came 11 years after he was first convicted for procuring a 14-year-old for prostitution. He died by suicide while in prison, a claim that’s been disputed by many politicians. The disgraced financier had ranging connections with celebrities, politicians, and even Royal Family members, which has piqued public interest in seeing files related to his case.
In February of this year, the FBI released its “first phase” of the Epstein files, which featured redactions. No more files have been released since. In what Musk branded as “the really big bomb,” he is alleging that the files haven’t been fully disclosed as Trump, who had a public relationship with Epstein, is mentioned in the documents. He did not say to what extent.
Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.
Have a nice day, DJT!
— Elon Musk (@elonmusk) June 5, 2025
As the alliance appears to crumble—with President Trump also claiming that he asked Musk to leave his governmental position and Musk apparently looking for a new political party to support—both the Official Trump token and Musk’s favorite meme coin, Dogecoin, have slumped.
Dogecoin has long been Musk’s favorite meme coin, supporting the token via social media posts, branding himself as the “Dogefather,” and accepting Dogecoin to buy Tesla merchandise. So much so that when President Trump gave him the job of cutting government spending, Musk even created a department that was referred to as DOGE and briefly had the Dogecoin logo on its website.
That’s why it’s no surprise that the public spat with Trump has impacted the price of Dogecoin, which has slipped 6.4% on the day to $0.1788 as the seventh worst performing asset out of the top 100 cryptocurrencies by market capitalization.
Following his exchange with Musk, Trump reposted an article by conservative publication Newsmax which suggests that the TRUMP meme coin is a “tracker” of the President’s performance by the minute. “It’s the ultimate polling project,” the article claims.
With that in mind, according to CoinGecko, the Official Trump token has dropped 10% to $9.66 as the second biggest loser out of the top 100 cryptocurrencies. This comes just two weeks after the President attended a dinner with the top 220 token holders—where one attendee complained that he was served “cheap steak.”
Trump and Musk fallout spawns more meme coins
In the trenches, however, traders are having a field day with the falling out.
On Thursday, according to Dune data, 37,769 tokens were created across the most notable launchpads—up 25% from the day prior.
With this, the President Vs Elon meme coin climbed to an $8 million market cap before falling 75% to $1.96 million. A Pwedo token, playing off the allegation that Trump was involved with Epstein, spiked to $945,450 before also tanking 58% to $397,750. And, an Official Musk coin, mirroring the official Trump coin, surpassed $9 million, now down 64.5% to $3.19 million.
But the biggest winner from this all is the Kill Big Beautiful Bill token, which spawned at the start of Musk’s rants about the President. On Thursday, it peaked at $52.5 million but dumped 86.7% to $6.97 million. Then, Musk started with his Epstein allegations causing the token to pump 679% to a new all-time high of $54.4 million.
Edited by Stacy Elliott.
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