By
Steve Muchoki
April 24th, 2024
Dogecoin price was up approximately 7.1 percent in the past week despite a drawback of about 4.2 percent in the past 24 hours.
The recent launch of Starship by Space Exploration Technologies Corp. alias SpaceX from the Texas base failed due to technical difficulties. However, the tech billionaire and Tesla Inc (NASDAQ: TSLA) Chief Executive Officer Elon Musk teased a second launch attempt on Thursday, April, 20. Coincidentally, the date announced by Musk coincides with the famous meme numbering 4/20, which is closely associated with the top meme coin, Dogecoin (DOGE).
“The launch of the biggest rocket on the planet, delayed for the sake of memes. All Hail The Meme-lord!!!” crypto influencer DogeDesigner noted in a tweet.
Musk, who appeared in a casual interview, joked about how his life could be an avatar in someone’s video game. Moreover, the billionaire says he was born 69 days after 4/20. In this regard, Dogecoin experienced heightened volatility in the past few days.
The only reason why Starship launch can happen on 4/20 🤣
📹 @Erdayastronaut pic.twitter.com/EaRQuX1GWJ
— DogeDesigner (@cb_doge) April 18, 2023
According to crypto market data provided by CoinGecko, Dogecoin’s price was up approximately 7.1 percent in the past week despite a drawback of about 4.2 percent in the past 24 hours. Trading around $0.08952 on Thursday, Dogecoin’s price gained about 27 percent YTD.
While the space exploration company had not officially confirmed the Starship launch today, the Dogecoin community is extremely thrilled about the close association. Moreover, more attention on the meme coin means cheaper marketing for Dogecoin amid heightened competition among speculative trading instruments.
It's Coming!!!!#Dogecoin #Twitterpayments #AcceptDogecoin pic.twitter.com/aVKSXNwgmv
— Mandy Doge ❤ (@earthgirlmandy) April 18, 2023
Dogecoin and the Market Outlook
Dogecoin has received tremendous support from Musk and his businesses. Already, Musk has been sued in a $258 billion lawsuit for pumping Dogecoin price over 36000 percent and then allowing it to crash on retail investors. The tech billionaire and his team of lawyers have, however, asked the Manhattan Judge to drop the case on merit grounds.
Notably, Dogecoin received global recognition in 2021 after Musk announced the meme coin would be used to pay for a SpaceX mission dubbed DOGE-1 to the moon. While the financial details of the mission were never released publicly, DOGE-1 was set to fly a 40-kilogram cube satellite as a payload on a Falcon 9 rocket, with Geometric Energy Corporation saying its payload would obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
Consequently, Dogecoin has been one of the top ten digital assets by market capitalization despite the lack of vast network development similar to Ethereum, Solana, or Polygon (MATIC). As of today, Dogecoin has a market capitalization of approximately $12.4 billion and a 24-hour trading volume of about $1.7 billion.