The cryptocurrency market has been rocked by Elon Musk once more. “It’s time,” tweeted the CEO of SpaceX and Tesla. He is rekindling his long-standing connection to Dogecoin.
DOGE-1, a memecoin that was created based on SpaceX’s proposed “DOGE-1 mission to the moon”, increased by about 300% in a matter of hours.
The memecoin was created a couple of years ago and recently its price rise has been driven by the enthusiasm of traders and the resurgence of hope in the meme token market.
DOGE-1 price actions
The memecoin is now trading at $0.001142, up by almost 9% in the last 24 hours. However, the weekly chart shows a price rise of over 90%. The global market cap is $7.8 million, and the 24-hour trading volume is 34.06%.
SpaceX’s long-delayed moon mission is named DOGE-1. After Musk’s post, there was a huge surge in trading activity. The token’s surge demonstrates how even a fleeting reference from Musk may alter perception and influence markets. For those who have watched Dogecoin for a long time, this trend is recognisable.
Every time Elon Musk brings up Dogecoin or anything even slightly associated with it, the cryptocurrency market frequently responds quickly. It was the same this time.
Following Musk’s “It’s time” tweet, traders hurried to purchase DOGE-1. It is causing its price to rise three times in a matter of hours. Musk’s previous market-moving posts that caused Dogecoin to skyrocket in previous cycles were recalled by the surge.
Even if the initial Dogecoin token was not specifically mentioned. His message was sufficient to spur speculation on assets tied to memes.
The association with DOGE-1
The memecoin DOGE-1, which echoes SpaceX’s proposed “DOGE-1 Mission to the Moon,” which was initially revealed in 2021, adds to the mystery. The goal of that initiative, which was fully sponsored by Dogecoin, was to show the practical use of cryptocurrency payments and launch a CubeSat containing digital art.
There have been several delays in the expedition. However, it is still a part of Dogecoin legend and, it seems, memecoin culture as well.
Meanwhile, Lookonchain reported that God.sol, aka Mitch, who’s previously netted about $2.8 million from memecoin speculation, just spent 100 SOL ($14,800) to buy 16.27 million DOGE-1. The purchase highlights his taste for high-volatility and high-reward plays.
This is another example of how unpredictable memecoins may be. This is an unexpected surge. the mix of quick-moving traders, on-chain transparency, and celebrity influence.
The enthusiasm highlights one fact, even if the principles of DOGE-1 are yet unknown. Social media tweets by Elon Musk continue to have unparalleled influence over cryptocurrency sentiment.
Also Read: Binance CZ Reacts To Elon Musk’s Grok 3.5 AI Claim, Says “Will Be Fun to See How This Plays Out”