SpaceX’s blockbuster IPO and Elon Musk’s new trillionaire status sent ripple effects through crypto markets on June 12, with Dogecoin emerging as one of the day’s top performers.
DOGE jumped as much as 7.6% to an intraday high of $0.091 before cooling to about $0.087 at press time, as traders reacted to renewed attention on Musk after SpaceX’s public debut. The aerospace giant began trading on U.S. exchanges at $150 a share—an 11% premium to its $135 IPO price—surged as high as $176 and later settled near $161, pushing SpaceX’s valuation past $2.1 trillion. Based on Musk’s ownership stake, that rally put his net worth above $1 trillion.
The IPO coincided with a broader risk-on move across crypto: Bitcoin reclaimed the $64,000 area after recent weakness, and several major tokens clawed back losses. Dogecoin, long sensitive to Musk-related headlines, led the charge among meme-coins.
Technical picture for DOGE
- Recovery leg: DOGE has bounced from its June 6 low around $0.0776 and pierced a descending trendline that had capped prices for more than a week.
- Key support: The token reclaimed the 0.618 Fibonacci retracement near $0.0867, a level now watched as near-term support.
- Momentum: MACD indicators turned more constructive—histogram positive and MACD above its signal line—pointing to strengthening buying pressure.
- Near-term resistance: The Supertrend still flags resistance around $0.088; a clear break above that could put fib levels at $0.0896 and $0.0924 back in play. Failure to sustain gains could expose support near $0.0827 and the recent low.
Caution remains
Despite the pop, some analysts warn the surge is driven more by headline momentum—Musk’s milestone and SpaceX’s IPO hype—than by any change to Dogecoin’s fundamentals. Broader market risks persist: a recent Galaxy Digital report suggested Bitcoin could fall toward $30,000 before finding a durable bottom, a scenario that would likely sap sentiment for speculative assets like DOGE. The token’s inability to hold its intraday peak on June 12 also signaled profit-taking among traders as the initial excitement waned.
For now, Dogecoin’s trajectory appears tied closely to Musk-centric headlines and wider crypto market sentiment, meaning swings could remain volatile as traders digest the fallout from SpaceX’s much-anticipated listing.
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