Elon Musk revives the excitement around Dogecoin

Elon Musk has once again caused a wave of excitement around Dogecoin DOGE $0.17 Binance-Peg Dogecoin 1.15% Market capitalization $0.43 billion VOL. 24 hours $0.45 billion by writing a short message on social network X: «It's time.» After that, traders began to actively look for opportunities in the meme coin sphere, and especially paid attention to the DOGE-1 token, a spin-off related to a space mission that Dogecoin plans to finance.

Initially, DOGE barely reacted, even dropping slightly along with the general market downturn, trading at around $ 0.16. Instead, DOGE-1 surged nearly 300% after Musk’s post, although it later fell by 17.4%. According to Lookonchain, a large market participant under the pseudonym god. sol (Mitch) purchased about 16.27 million DOGE-1 for about 100 SOL (about $ 14,800). This trader is known for short holding periods and quick trades, and his profits from meme coin trading have previously exceeded $ 2.8 million.

The DOGE-1 mission is a real project of Geometric Energy Corporation, which is funded by Dogecoin. It involves the launch of cubesats on a SpaceX Falcon 9 rocket. Despite several postponements, the launch is scheduled for the end of 2025.

Although Musk has repeatedly called Dogecoin the «people's cryptocurrency» and joked about its use on Mars, the current market is not as favorable as in 2021, when his tweets raised DOGE’s capitalization above $ 80 billion. In November, the cryptocurrency market generally weakened: bitcoin fell by about 10%, and liquidity remains low.

Analysts note that traders are now acting more cautiously, taking quick profits and avoiding risk. Massive posts can still heat up the market in the short term, but this time the surge in activity was short-lived.