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Crypto

Dogecoin Weekly Gains Top 14% As Traders Await Elon Musk's Double Announcement

Dogecoin (DOGE) has surged in price in recent days, thanks to a dual boost from two major events.  The first is the earnings report from Tesla, which has provided a positive backdrop for the cryptocurrency. Shares in Tesla were down over 4% after the electric vehicle builder posted Q1 earnings after the bell. Additionally, traders

dogecoin-weekly-gains-top-14%-as-traders-await-elon-musk's-double-announcement

Dogecoin (DOGE) has surged in price in recent days, thanks to a dual boost from two major events. 

The first is the earnings report from Tesla, which has provided a positive backdrop for the cryptocurrency. Shares in Tesla were down over 4% after the electric vehicle builder posted Q1 earnings after the bell.

Additionally, traders eagerly anticipate the Starship launch on Thursday, which promises to be the most powerful rocket launch in the history of mankind.

With all eyes on these two events, investors are speculating about whether Tesla will reveal any new plans for its existing holdings of DOGE.

Dogecoin (DOGE) Price Rallies After Minor Slump

Dogecoin is still going strong as it remains one of the top-performing cryptocurrencies in the market, despite a minor slump in the past 24 hours. 

As of press time, the price of DOGE stands at $0.09341 via CoinMarketCap, which is a 14.3% increase from its price in the last week. While there has been a 1.8% dip in the past 24 hours, overall the trend has been very bullish for the meme-inspired crypto. 

Source: CoinMarketCap

Musk’s replacement of the Twitter bird with the Dogecoin logo was met with enthusiasm by the crypto community, resulting in a major rally of over 20% in the early days of April 2023. This implies that any similar move by Tesla to include DOGE in its plans could have a substantial impact on the token’s value.

Dogecoin

SpaceX CEO Elon Musk. Photo: Getty Images

Starship Launch Drives Dogecoin Price Surge

Dogecoin got an extra boost after the official Twitter account of SpaceX, a space exploration company founded by Musk, confirmed the launch of 21 second-generation Starlink satellites. This is in addition to the much-anticipated Starship launch scheduled for Thursday, which is the world’s first fully reusable and most powerful space rocket in history.

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Falcon 9 delivers 21 second-generation Starlink satellites to orbit, completing SpaceX’s 25th launch of the year pic.twitter.com/Oi4O3kG7CO

— SpaceX (@SpaceX) April 19, 2023

As the launch of Starship is linked to Musk and Dogecoin, it has attracted a lot of interest from the crypto community, with many traders eagerly awaiting comments on whether Tesla has any new plans around the sale or purchase of its existing meme coin holdings. 

Despite the postponements, the launch of Starship is expected to take place tomorrow and has the potential to further drive the price of DOGE.

Starship launch remains on for 4/20. pic.twitter.com/rjctaS8lJX

— Michael Baylor (@nextspaceflight) April 19, 2023

DOGE market cap at $12.8 billion on the daily chart at TradingView.com

Anticipation Builds Ahead Of Starship Launch

SpaceX’s highly anticipated launch will mark a significant milestone for the company, which plans to use the rocket for manned missions to other planets, including Mars and the moon. 

The successful launch of Starship could have a major impact on the space and crypto industry. The excitement is palpable, and all eyes are on tomorrow’s historic blast-off.

-Featured image from Change.org

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Christian Encila

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