Dogecoin increases by 7.6% following SpaceX IPO, boosting crypto markets
June 14, 2026
SpaceX made a significant impact on the market with its highly anticipated IPO, causing a ripple effect that reverberated through the crypto industry. Elon Musk’s new trillionaire status, coupled with the blockbuster IPO, created a buzz in the market, particularly for meme-coins like Dogecoin. In response to the renewed attention on Musk following SpaceX’s public debut, DOGE surged by as much as 7.6% to reach an intraday high of $0.091 before settling around $0.087.
The aerospace giant’s successful entry into U.S. exchanges at $150 per share, an 11% premium over its IPO price of $135, propelled its valuation above $2.1 trillion. This surge also boosted Musk’s net worth to an impressive $1 trillion based on his ownership stake. The IPO’s timing coincided with a broader risk-on sentiment in the crypto market, with Bitcoin reclaiming the $64,000 level and several major tokens recovering from recent losses. Dogecoin, known for its sensitivity to Musk-related news, led the charge among meme-coins.
In terms of technical analysis, DOGE experienced a recovery leg from its low on June 6 around $0.0776 and broke through a descending trendline that had been suppressing prices. The token reclaimed the 0.618 Fibonacci retracement level near $0.0867, now seen as immediate support. Momentum indicators turned positive, with MACD showing strengthening buying pressure. The Supertrend still highlights resistance around $0.088, and a clear break above this level could open up fib levels at $0.0896 and $0.0924 again. Conversely, a failure to sustain gains may expose support levels near $0.0827 and the recent low.
Despite the bullish move, some analysts remain cautious, citing the surge as driven more by headline momentum surrounding Musk’s milestone and the hype around SpaceX’s IPO than any fundamental shift in Dogecoin. Market risks persist, with a report from Galaxy Digital suggesting Bitcoin could drop to $30,000 before finding a strong support level, potentially dampening sentiment for speculative assets like DOGE. The token’s inability to hold onto its intraday peak on June 12 indicated profit-taking by traders as the initial excitement faded.
Looking ahead, Dogecoin’s price trajectory seems closely tied to Musk-related headlines and the overall sentiment in the crypto market. As traders digest the implications of SpaceX’s listing, volatility is likely to persist, making it essential for investors to monitor market developments closely to navigate potential swings in the price of DOGE.
