Hyperstition #26 — June 5, 2025
Musk vs. Trump PvP ignites memecoin maelstrom and more.
Trump, Musk feud ignites memecoin maelstrom
The worsening feud between US President Donald Trump and former ally Elon Musk has reignited one of the memecoin ecosystem’s most persistent metas.
Musk-related memecoins — a cryptocurrency staple ever since the tech billionaire informally adopted Dogecoin (DOGE) in 2020 — dominated coin creations and trading volumes on June 6, according to data from DexScreener.
The uptick in activity sent the market capitalizations of several new or previously dormant tokens into the millions of dollars in a matter of hours, the data shows.
They include PEDO OF THE UNITED STATES (POTUS), President Vs Elon (PVE), and OFFICIAL MUSK (MUSK) — all of which surged following escalating social media clashes between the two billionaires.
Clash of the Titans
The conflict began when Musk publicly denounced Trump’s proposed legislation — dubbed the “One Big Beautiful Bill” — as a “disgusting abomination” in a June 3 post on X, the platform Musk owns.
On June 5, memecoins KILL BIG BEAUTIFUL BILL (KBBB) and KILL BILL (KILLBILL) reached market caps of roughly $50 million and $15 million, respectively, before retracting significantly.
The coins respectively trade at approximately $8 million and $3 million as of June 5, according to DexScreener.
Earlier today, Trump retaliated on Truth Social, alleging Musk had become mentally unstable after Trump declined to extend a federal policy that benefited Tesla. “Elon just went CRAZY,” the president claimed.
Musk, in turn, called Trump’s claims an “obvious lie” and alleged — without producing evidence — that Trump’s name appears in the Epstein files.
The so-called “Epstein files” refer to a trove of court documents and investigative records related to Jeffrey Epstein’s sex trafficking case — long shrouded in secrecy and the subject of intense public speculation about elite involvement.
Memecoin mania
The accusation triggered a new wave of tokens, including Elongate (Elongate), PWEDO (Pwedo), and The Epstein Files (EPSTEIN), which launched on June 5.
The revival of the Elon meta also spurred a surge in older Musk-themed coins, including President Vs Elon (PVE).
The coin launched on April 7 and traded at around a $30,000 market capitalization for weeks before breaking out on June 5. It has since attained highs of nearly $8 million, according to DexScreener.
Meanwhile, Pump.fun publicly urged Musk to launch a token, an uncommon move from the memecoin launchpad, which rarely endorses specific tokens.
Bettors on Kalshi still peg the odds of Musk launching an official memecoin as very low — roughly 4%, as of June 5.
By the numbers…
