Musk Admits to 'Carrying Away' with Politics, Sending Dogecoin Price into Free Fall

Dogecoin's price plummeted over 5% after Elon Musk admitted to getting 'carried away' with politics in an interview with The Economist.

Musk, a special government employee for the Department of Government Efficiency, said he had 'gone too far' in his role and that politics had consumed attention he should have devoted to his companies. The comments sent shockwaves through the market, causing Dogecoin's price to drop from $0.0723 to a low of $0.0685.

The Department of Government Efficiency was established by executive order on January 20, 2025, with Musk as its most visible figure. His role ended in late May 2025, and the initiative was officially concluded on July 4, 2026. Despite having no formal connection to Dogecoin, Musk's public moves have consistently impacted the cryptocurrency's price.