SpaceX CEO Elon Musk started a DOGE-1 market rally on Monday after posting on his social media platform X, “it’s time,” and traders immediately started taking up positions in the memecoin.
DOGE-1 Satellite had been moving in tandem with the rest of the crypto market, which has been trading in the red since the start of this business week. The token slipped with the broader market to an all-time low of $0.000282, but Elon Musk’s X update flipped the coin to an upward momentum that took it over 300% above the November 3 lows.
The brief message was a direct reply to Dogecoin community member DogeDesigner, who had quoted Musk’s old 2021 declaration that SpaceX would “put a literal Dogecoin on the literal moon,” with a post of his own saying: “No Highs, No Lows, Only DOGE.”
DOGE-1’s all-time low slump period halted by Musk rally
Before the SpaceX head gave the market a reason to add coins, DOGE-1 had been languishing near an all-time low, before climbing past $0.0011 after an unforeseen price correction.
The upward momentum defied the negative trend in the broader crypto market, and its market cap ticked upwards by 367.34% to reach $9.174 million within 24 hours of Musk’s post. The token’s valuation has since retraced slightly to around $7.2 million, but it is still 266% above its initial value at the start of Monday’s market turmoil.
DOGE-1 Satellite (DOGE-1) is a Solana-based meme token for the upcoming SpaceX DOGE-1 lunar satellite mission. The mission, announced in 2021, will send a small satellite into lunar orbit to broadcast digital content like advertisements, images, and logos on a display screen attached to the craft.
According to the project’s detailing, cameras on board will capture and stream the broadcasts back to Earth via YouTube and Twitch.
In reaction to the DOGE-1 market surge, blockchain data tracker Lookonchain reported that a well-known trader identified as “god.sol” or “Mitch,” purchased 16.27 million DOGE-1 tokens.
On-chain data from Solscan revealed Mitch spent 100 SOL, worth roughly $14,800, to acquire the position, and now holds about $18,500 worth of DOGE-1. The trader’s wallet has previously recorded realized profits of about $2.8 million from other memecoin trades through short holding periods and quick sales during market peaks.
Mitch downplayed the “smart trader” label issued to him by the community in a Telegram group screenshot shared on X by another trader known as Mason earlier today.
“Why would they call me a smart trader? Just cause I made millions? I’m retarded, fr fr,” he wrote, quoting Lookonchain’s post and confirming he made the trades late Monday.
Dogecoin price slightly rises, but struggles ensue after whale sell-offs
DOGE-1 may have surged due to the world’s wealthiest man’s influence, but its inspiration, the original Dogecoin, has been facing heavy selling pressure over the past week.
According to Santiment feed data, wallets holding between 10 million and 100 million DOGE sold around one billion coins in recent days. Blockchain analyst Ali Martinez noted that these large outflows have continued since mid-October, contributing to a steady decline in Dogecoin’s market value.
Dogecoin’s market capitalization fell from $55.7 billion on October 28 to around $24.4 billion on Wednesday, a $30 billion erosion in seven days. The token dropped below $0.18 and hit a low of $0.1648 in today’s early morning trading sessions, although it is up 0.8% over the past 24 hours.
Dogecoin is still down nearly 35% over the past 30 days, which could mean the latest rally may be more of a tactical rebound than the start of a sustained trend.
The DOGE-1 surge also coincided with a rotation into memecoins, where tokens like TRUMP fell 0.6%. Major cryptocurrencies Ethereum dropped 8.2%, and Solana fell 4.9% during the same period.
Bitcoin’s dominance rose to a seven-day high of 59.95%, a sign that investors were consolidating into the king coin by market cap and waiting on volatility from smaller-cap memecoins.
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Source: https://www.cryptopolitan.com/elon-musk-sends-doge-1-memecoin-up-300/
