Elon Musk reignited Dogecoin chatter this week, posting “It’s time” on X, and merchants instantly began attempting to find angles throughout the meme ecosystem.
Dogecoin barely budged at first, then slipped with the broader market. By early Nov. 5, DOGE traded decrease on the day close to $0.16, whereas Bitcoin and Ether have been additionally within the crimson as danger urge for food weakened.
Speculators as an alternative latched on to DOGE-1, a meme token that shares a identify with a deliberate CubeSat mission funded in Dogecoin.
Musk’s publish was a reply to Dogecoin neighborhood member DogeDesigner (@cb_doge), who wrote “No Highs, No Lows, Solely DOGE” and shared a 2021 screenshot of Musk’s promise that SpaceX would “put a literal Dogecoin on the literal moon.”
Lookonchain noted DOGE-1 jumped about 300% after Musk’s publish. However the token was final down 17.4% to $0.73 later within the session.
On-chain traces pointed to 1 notable purchaser. The dealer often known as god.sol, additionally known as Mitch, spent roughly 100 SOL, about $14,800, to accumulate 16.27m DOGE-1, in keeping with pockets data.
The pockets, which exhibits prior realized income of about $2.8m from memecoin buying and selling, has a historical past of brief holding intervals and fast rotations.
The DOGE-1 mission itself stays a actual challenge. Developed by Geometric Power Company and financed in Dogecoin, the payload is ready to fly on a SpaceX Falcon 9. Filings point out a late 2025 goal after a number of delays.
Musk’s Dogecoin connection runs deep. He has known as it “the folks’s crypto,” joked about a Martian foreign money, and as soon as modified his X bio to “Former CEO of Dogecoin.” In 2021 his posts helped gasoline a surge that pushed DOGE’s market worth above $80b on the peak.
This time, the backdrop appears to be like more durable. Crypto opened November on the again foot after a bruising October, with liquidations and thin liquidity muting the acquainted Musk impact. Bitcoin tumbled about 10% on Wednesday.
Merchants described a risk-off tape the place rallies fade shortly and dips entice solely selective bids.
Macro additionally weighed on sentiment. Markets parsed hawkish commentary from the Federal Reserve and a shaky international tone, a combine that has drained momentum from excessive beta tokens and pushed rotation into bigger caps when volatility spikes.
That rotation helps clarify the cut up response. Dogecoin tracked the majors decrease, whereas DOGE-1 grew to become a short-lived goal for momentum flows earlier than revenue taking knocked it again. The quick spherical journey matches a market laser targeted on liquidity and exit lanes.
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