Popular Elon Musk-themed crypto coins are at risk of further declines as concerns about his tenure at the Department of Government Efficiency (DOGE) have risen and the Tesla stock price has imploded.

Dogecoin price has crashed to $0.1675, while Dogelon Mars (ELON) has dropped by over 80% from its highest level this year.

Popular Elon Musk-themed crypto coins are at risk of further declines as concerns about his tenure at the Department of Government Efficiency (DOGE) have risen and the Tesla stock price has imploded.

At the same time, there are fears that Elon Musk could be leaving his role at DOGE. A Kalshi poll puts the odds of this happening at over 54%. This comes as several issues have come to light.

For example, there have been reports of clashes between Musk and several cabinet secretaries during a recent meeting, which led Trump to intervene. These issues are also being compounded by lawsuits against his department.

Tesla stock price crashes

Meanwhile, Tesla's stock price has plummeted by over 46% since reaching a peak of $414.78 last December.

This drop has seen a large portion of Elon Musk's net worth evaporate. According to Bloomberg, his wealth has decreased by over $100 billion.

At the beginning of this year, his estimated net worth was around $204.9 billion, but it has since fallen to less than $100 billion. This decline is partly attributed to the 70% surge in the S&B Small Cap index this year.

At the same time, there are fears that sales growth for the electric vehicle maker is slowing, especially in Europe.

This comes as Musk has been spending a lot of his time on the DOGE project. He also faced criticism for using his vast wealth to fund his political aspirations.

Popular crypto coin crashes

Cryptocurrencies like Dogecoin and Dogelon Mars (ELON) have thrived over the years due to their association with Elon Musk.

He famously popularized Dogecoin in 2021 and remains its most prominent advocate. Meanwhile, Dogelon Mars is also a favorite among crypto traders for its association with Musk.

Therefore, his ongoing challenges may be a contributing factor to the ongoing crash.

Dogecoin price prediction

The daily chart shows that the DOGE price has crashed in the past few months. It has moved from a high of $0.4850 in November to the current $0.1735.

Additionally, the token has formed a death cross pattern as the 50-day and 200-day moving averages crossed each other.

On the positive side, it has formed a falling wedge pattern, which comprises two descending and converging trendlines.

The short-term outlook for the DOGE price is bearish, with the next point to watch being at $0.1500. DOGE price will then bounce back in the coming months as the two lines of the wedge pattern converge.

Dogelon Mars price analysis

The daily chart shows that the ELON price has been in a steep downward trend and has plunged to a low of $0.00000015, the lowest swing since November 6 last year.

The token has also formed a death cross pattern and has moved below the key support at $0.0000001517, the lowest swing on December 19.

Technicals suggest that the ELON price will continue falling as sellers target the next support level at $0.0000001130.