Dogecoin [DOGE] has a more vital link to Elon Musk and his companies than the rest of the Bitcoin market. Several assets, including Bitcoin [BTC], Ethereum [ETH], and others, were in the red zone today. Bitcoin even fell below $30,000. Amidst this, DOGE was seen rising.
The OG joke coin went from being worth $0.08858 to $0.0946. At the time of press, DOGE sold for $0.09293, a daily rise of 4.13 percent.
The one-hour chart of DOGE shows that the asset will likely keep going in the same direction. The Parabolic SAR indicator made dotted lines below the bars. These lines helped prevent any possible declines. The Relative Strength Index (RSI) showed that much DOGE was being bought. The RSI, on the other hand, just dropped out of the “overbought” zone.
The launch of SpaceX’s big Starship rocket was linked to this rise in the price of Dogecoin. This rocket has been under construction for a long time. Elon Musk, the CEO of both Tesla and SpaceX, has talked a lot about Starship and given detailed talks about how it is built and works.
In addition, he keeps bringing up the fact that it can send goods and people to Mars. Musk posted on Twitter that the “Cryogenic propellant load of Starship is underway, liftoff in T minus 1 hour.”
The Starship team is go for prop load. Now targeting 8:20 a.m. CT→ https://t.co/bJFjLCiTbK pic.twitter.com/8oRkmzwRRf
— SpaceX (@SpaceX) April 17, 2023
Dogecoin (DOGE) and SpaceX
Elon Musk has shown his interest in Dogecoin (DOGE) in many ways. Musk changed the Twitter sign to DOGE not too long ago. Similarly, taking DOGE as payment has also helped the meme coin spread.
First, the CEO of Twitter decided that some things on Tesla could be bought with DOGE. But the community was shocked when Musk tweeted that DOGE could also be used to buy SpaceX products.
In February 2023, SpaceX confirmed that it plans to send DOGE-1 into space in the third quarter of 2023. Also, the project, entirely funded by Dogecoin, wants to get the spacecraft into lunar orbit.