A brief but powerful comment from SpaceX CEO Elon Musk sparked a sharp rally in the DOGE-1 token early this week.
Responding to a post by Dogecoin enthusiast DogeDesigner, who resurfaced Musk’s 2021 pledge that SpaceX would “put a literal Dogecoin on the literal moon”, Musk replied: “It’s time.”
The two-word message instantly set off speculation that the long-awaited DOGE-1 lunar mission might be nearing launch. Traders reacted within minutes, sparking a massive rally in the DOGE-1 Satellite token, a Solana-based memecoin linked to the SpaceX project.
DOGE-1 Surges After Weeks of Decline
Before Musk’s post, DOGE-1 had been trading in line with the broader crypto downturn. Consequently, it reached a record low of $0.000282 earlier this week. The tweet flipped market sentiment almost overnight. In turn, it drove the token above $0.0011, marking an increase of more than 300% from November 3 levels.
Within 24 hours, DOGE-1’s market capitalization surged 367% to $9.17 million, according to market data. It later eased to around $7.9 million. However, it remained 337% higher than its November 2 all-time low.
SpaceX Connection Drives Renewed Interest
The DOGE-1 token is inspired by SpaceX’s DOGE-1 lunar mission, which was first announced in 2021. The project plans to send a small satellite into lunar orbit, carrying a display screen that will beam digital ads, images, and logos from space. Cameras on board will livestream the broadcasts to Earth through platforms such as YouTube and Twitch.
Notably, the mission, partially funded with Dogecoin, has long been a symbolic representation of Musk’s playful relationship with crypto culture.
Trader “Mitch” Makes Timely Move
As the DOGE-1 price took off, blockchain analytics platform Lookonchain reported that a trader known as “Mitch” or “god.sol” quickly joined the rally. Specifically, he purchased 16.27 million DOGE-1 tokens for 100 SOL (about $14,800). Within hours, the value of his holdings climbed to roughly $18,500.
Mitch has gained a reputation in the memecoin space for quick, high-profit trades. In line with this reputation, he earned $2.8 million in previous cycles, according to Lookonchain.
Dogecoin Faces Opposite Trend Amid Whale Sell-Offs
While DOGE-1 thrived, the original Dogecoin (DOGE) struggled under heavy selling pressure from large holders. Data from Santiment revealed that wallets holding between 10 million and 100 million DOGE offloaded nearly 1 billion coins in recent days.
In a post on X (formerly Twitter), crypto analyst Ali Martinez noted that these outflows have been ongoing since mid-October.
Dogecoin’s market capitalization has declined sharply, falling from $55.7 billion on October 28 to $24.4 billion today. Consequently, more than $30 billion in value has been eliminated within the span of a week. The token briefly fell to $0.1648, despite a modest 0.8% rebound in the last 24 hours.
Crypto Market Remains Under Pressure
The DOGE-1 rally stood out in an otherwise bearish crypto market. Ethereum tumbled 8.2% to a new low since July, Solana slid 4.9%, and TRUMP, another memecoin, fell 0.6% over the same period.
Meanwhile, Bitcoin’s dominance climbed to 59.95%, indicating that investors were consolidating into the leading cryptocurrency while reducing exposure to riskier assets.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
