Elon Musk Sparks Dogecoin ‘Moon’ Speculation, Prompting Renewed Interest in Tesla, SpaceX
Elon Musk, known as the ‘Dogefather’, recently reignited speculation about sending Dogecoin to the moon in response to queries regarding his promise from 2021. This revived talk about Musk’s intention to place “literal” Dogecoin on the “literal” moon initially made last year raises questions about his past commitments with Tesla and SpaceX. Despite ongoing debate on whether this promise was merely an April Fool’s prank, Dogecoin experienced the highest gains among the top 10 cryptocurrencies by market capitalization on Tuesday morning.
The price of Dogecoin surged by 4.3% in the last 24 hours, reaching $0.1084 at the time of reporting. Retail sentiment surrounding Dogecoin on Stocktwits remained ‘bearish’, with regular levels of discussion taking place. Furthermore, within the wider cryptocurrency market, there was an overall 2.2% increase to $2.72 trillion, with Bitcoin also showing a modest recovery to approximately $78,700. Despite this movement, Bitcoin’s performance was overshadowed by the gains made by Dogecoin during the same period.
In addition to Musk’s recent comments regarding Dogecoin and the moon, users on X also inquired about his promise to enable Tesla to accept Dogecoin as payments. However, Musk did not respond to these queries. This lack of response coincided with a 0.8% increase in Tesla’s stock price after hours, following a 2% decline during regular trading hours. On Stocktwits, the sentiment surrounding Tesla leaned towards ‘extremely bearish’ territory, generating significant discussion about the potential implications of a merger between Musk ventures xAI and SpaceX.
In a similar vein, Musk had previously stated that SpaceX was planning to launch a DOGE-1 satellite in the upcoming year, fully funded by Dogecoin. However, according to FCC filings, the DOGE-1 project has faced delays. Retail sentiment concerning SpaceX mirrored that of Tesla, being categorized as ‘bearish’, yet attracting considerable chatter on Stocktwits. Musk’s history of references to Dogecoin without tangible outcomes underscores the cautious approach taken by investors towards his statements.
While Elon Musk’s influence on Dogecoin remains outsized and his remarks continue to sway the memecoin market, investors are proceeding with caution. These speculations about Dogecoin and its potential moon journey serve as another chapter in the ongoing saga of Musk’s involvement with cryptocurrencies and innovative projects. As the cryptocurrency landscape evolves, Musk’s role in enhancing the visibility and popularity of Dogecoin remains a significant factor to consider for investors and enthusiasts alike.
