Elon Musk reignited Dogecoin fever after tweeting “It’s time,” recalling his 2021 promise to send “SpaceX is going to put a literal Dogecoin to the literal moon” via SpaceX’s DOGE-1 mission. The post, shared on X (formerly Twitter) on Nov. 3, drew immediate attention from traders and analysts watching the meme-coin market.
DOGE-1: The First Crypto-Funded Space Mission
DOGE-1 is a CubeSat mission built by Canadian firm Geometric Energy Corporation (GEC). Funded entirely in Dogecoin, the payload will ride aboard a SpaceX Falcon 9 rocket. According to filings with the U.S. Federal Communications Commission, the launch remains scheduled for late 2025 after several prior delays.
The project represents a significant step forward for both the adoption of cryptocurrencies and the financing of private space projects. DOGE-1 is a sign that digital coins are becoming increasingly important, not only for speculation. The rocket’s launch, carrying the Dogecoin tagline “The people’s crypto,” echoes Elon Musk’s famous description of DOGE as the people’s currency, linking community enthusiasm with real business adoption.
DOGE-1 has long served as a key symbol for retail investors. Despite market declines, Dogecoin remains visible in the broader cryptocurrency ecosystem, with every mention by Musk leading to increased social media activity and trading volumes.
Price Analysis and Analyst Concerns
As positive sentiment spread on social media, Dogecoin’s price underwent another decline. According to the charts during press time, DOGE was trading at $0.1613, representing a 7% percent decrease over the past 24 hours. Data provided by the analyst Ali Charts on X showed a clear and firm dip below the $0.16 support level, which nullified previous bullish patterns.
The TradingView chart shared by the analyst pinpointed possible downside targets at $0.15330 and $0.13987. Further support is available in the area of $0.12297 to $0.10427, indicating that the bearish trend might prolong through November and December.
These figures reflect the cooling off of sentiment across the entire crypto market, where it is often the case that retail traders’ and social media’s emotions drive the prices of meme coins. The price action is likely to be volatile ahead of the DOGE-1 launch due to speculation surrounding Musk’s online presence, which aligns with speculative flows.
Musk's Enduring Influence on Dogecoin
Musk’s association with Dogecoin has lasted for years, with his social media activity impacting prices on numerous occasions. Dogecoin experienced a staggering 13,000% price increase in 2021, reaching a market capitalization of $80 billion at its peak. This rally not only secured its position as the dominating meme token but also made it one of the most recognizable brands in the crypto world. With DOGE-1 nearing its launch window, Musk once more connects the storyline and momentum.