The recent SpaceX initial public offering triggered a surge in Dogecoin, with the meme cryptocurrency jumping up to 7.6% and briefly hitting $0.091. This rally followed Elon Musk’s net worth crossing the $1 trillion threshold after SpaceX’s market debut. At press time, DOGE had retreated to around $0.087 as traders began taking profits.
Market data reveals that Dogecoin’s climb coincided with a broader rebound in risk assets, including Bitcoin, which moved back above $64,000. The SpaceX IPO saw shares open at $150, an 11% premium over the $135 offering price, before fluctuating to $176 and settling near $161. This performance pushed the aerospace company’s valuation past $2.1 trillion, significantly boosting Musk’s fortune.
From a technical standpoint, Dogecoin’s four-hour chart shows encouraging signs. The token has recovered from its June 6 low near $0.0776 and broken above a descending trendline that had constrained its price. It now sits above the 0.618 Fibonacci retracement level at $0.0867, which serves as near-term support. The MACD histogram has turned positive, indicating strengthening buying pressure, while the MACD line remains above the signal line. However, the Supertrend indicator points to resistance around $0.088, a level DOGE is only now testing. A sustained break higher could target $0.0896 and $0.0924, while failure might lead to support at $0.0827 or the recent low.
Despite these positive technicals, analysts urge caution. Some argue that Dogecoin’s surge is primarily driven by excitement around Musk’s trillionaire milestone and SpaceX’s highly anticipated debut, rather than fundamental changes in DOGE’s prospects. Additionally, concerns linger about Bitcoin’s potential decline, with Galaxy Digital projecting a possible fall to $30,000 before a market bottom. Such a scenario could dampen sentiment across digital assets, including Dogecoin.
For now, Dogecoin remains closely tied to Musk-associated developments. While the initial enthusiasm has translated into gains, the token’s inability to hold its intraday peak suggests profit-taking as the hype starts to fade.