According to Kevin O'Leary, as cited by Fox News, Elon Musk's influence on the federal government is significant, but Musk is now stepping back from Dogecoin (DOGE) to concentrate on his other business ventures. This move may reduce short-term speculative momentum for DOGE, as Musk's public endorsements have historically triggered price surges and volatility in the token, impacting its appeal among retail traders (Fox News, May 29, 2025). Crypto market participants should monitor DOGE trading volumes and sentiment closely following this shift, as reduced engagement from Musk could lead to lower price volatility and affect broader meme coin trends.