DOGE-1, a Solana-based meme token associated with SpaceX's forthcoming lunar mission, experienced a dramatic surge of over 300%. This significant price movement was triggered after SpaceX CEO Elon Musk posted "It's time" on X, prompting a rapid influx of traders into the token.
The catalyst for this market reaction occurred on November 3rd. User DogeDesigner referenced Musk’s 2021 statement that SpaceX would "put a literal Dogecoin on the literal moon," posting the phrase "No Highs, No Lows, Only DOGE." Musk's subsequent reply generated immediate market attention and propelled buying momentum for the DOGE-1 token.
It’s time 😀
— Elon Musk (@elonmusk) November 3, 2025
Prior to this interaction, on November 2nd, DogeDesigner had speculated about the possibility of people eventually booking trips to the Moon or Mars with SpaceX. Musk responded by stating that SpaceX would "lean in big on the Moon," indicating a continued emphasis on lunar exploration.
Before Musk's comments, DOGE-1 was trading at approximately $0.000282, its all-time low. Following Musk's remarks, the price climbed past $0.0014, marking an increase of nearly 350%. Currently, DOGE-1 is priced at $0.0012, up 11.5% in the last 24 hours, with a 24-hour trading volume of $1 million, which is down 30% from the previous day.
Dogecoin Faces Selling Pressure Amidst Market Fluctuations
While DOGE-1 experienced a significant surge, its predecessor, Dogecoin, continued to encounter substantial selling pressure. Wallets holding between 10 million and 100 million DOGE collectively offloaded nearly a billion coins over the past week.
Dogecoin's market capitalization saw a considerable decline, dropping from $55.7 billion at the end of October to approximately $24.4 billion within a week, representing a loss of roughly $30 billion. The price fell below $0.18, reaching a low of $0.1527. In the last 24 hours, it has seen a slight decrease of 1.45%. Over the past month, Dogecoin is down nearly 37%, suggesting that any recent rebound might be temporary.
The broader cryptocurrency market also experienced a downturn. Ethereum was down 5.5%, Solana saw a decline of around 3%, and smaller memecoins like TRUMP experienced slight drops. Bitcoin's dominance increased to nearly 60% as investors consolidated their holdings into the largest cryptocurrency.
Traders Capitalize on DOGE-1 Momentum
The surge in the DOGE-1 price attracted the attention of notable traders, including one known by the pseudonyms "god.sol" or "Mitch." According to blockchain tracker Lookonchain, Mitch acquired 16.27 million DOGE-1 tokens during the rally, positioning himself to benefit from the token's sudden momentum.
On-chain data analytics tool Solscan indicates that Mitch invested approximately 100 SOL, equivalent to about $14,800, to secure his position. This investment has already shown appreciation, with his holdings now valued at approximately $19,665.
Mitch has a history of successful short-term memecoin trades, having previously earned $2.8 million. This highlights how individual traders can influence and capitalize on such volatile crypto rallies.