Dogecoin price drops by 18% despite SpaceX IPO launch
June 8, 2026
Dogecoin’s price has been on a downward trajectory, dropping by approximately 18% from June 1 to June 6, reaching around $0.082 due to a widespread crypto market decline. The cryptocurrency briefly dipped to $0.07 on June 6, a level not seen since February 2024. Bitcoin also experienced a decrease, falling below $60,000 before recovering to over $63,000 the following day.
The timing of Dogecoin’s slump is particularly notable as it precedes the highly anticipated SpaceX initial public offering (IPO) on Jun. 12. SpaceX is set to list on the Nasdaq under the symbol SPCX, offering roughly 556 million shares priced at about $135 each. With expectations of raising $75 billion and achieving a valuation of $1.75 trillion, it marks the biggest IPO in history. Despite the excitement surrounding SpaceX, Dogecoin failed to attract substantial interest in the lead-up to the IPO, disappointing investors who anticipated a surge in value linked to Elon Musk, the CEO of both SpaceX and a prominent supporter of Dogecoin.
The lackluster performance of Dogecoin can also be attributed to the diminishing open interest in the token, plummeting from $6.01 billion in October to approximately $1.02 billion. This decline indicates that speculators have withdrawn from the market, contributing to a lack of momentum in the meme coin sector. Additionally, Dogecoin exchange-traded funds (ETFs) have not seen any significant inflows since June 3, further signaling a waning interest in Dogecoin-related investments. As the overall market capitalization of meme coins dips below $30 billion for the first time since January, the potential for a Musk-driven rally in Dogecoin appears bleak.
The narrative of Dogecoin’s price volatility tied to Musk’s influence extends back to 2021 when Musk announced that SpaceX would launch a satellite named DOGE-1 to the moon, funded by Dogecoin. Despite the initial enthusiasm generated by this announcement, the project has faced delays, with the projected launch date pushed back to 2027. This delay, coupled with Musk’s shifting comments on Dogecoin, including referring to it as a “hustle” during his appearance on Saturday Night Live in 2021, has eroded investor confidence in the meme coin.
As Dogecoin struggles to maintain its momentum and relevance in the crypto market, its fate remains uncertain. With the SpaceX IPO fast approaching and Dogecoin failing to capitalize on this significant event, the once high-flying cryptocurrency faces challenges ahead.
