Dogecoin: A Bumpy Ride Following SpaceX’s Starship Launch Mishap
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Dogecoin, the cryptocurrency that has been associated with SpaceX founder Elon Musk, has been on a rollercoaster ride of ups and downs recently. On April 20, 2023, it took a sharp drop following the explosion of the Starship rocket during its test launch from a spaceport in Texas. The value of Dogecoin dropped by nearly 5%, causing it to settle at $0.856.
The Connection Between Starship and DOGE
The link between Starship and Dogecoin is evident. Elon Musk, who is popularly referred to as the “Dogefather,” has been an enthusiastic supporter of the meme-based cryptocurrency. His tweets and public statements have caused significant fluctuations in the value of Dogecoin, and many investors are keeping an eye on his every move.
Experts had earlier predicted that Starship’s launch would have a significant impact on Dogecoin prices, considering the connection between the two. The fact that the launch took place on “Dogeday,” which is celebrated by cryptocurrency enthusiasts worldwide, added more weight to the prediction.
Starship’s Mishap and the Future of Dogecoin
Unfortunately, the launch of Starship didn’t go as planned, and the rocket exploded at an altitude of 38 kilometers. SpaceX confirmed the incident on its official Twitter account, assuring its followers that it would investigate the problem and continue working on Starship. While the company is yet to disclose the reason behind the mishap, experts believe that there were problems with the separation of the first stage.
As if the flight test was not exciting enough, Starship experienced a rapid unscheduled disassembly before stage separation
— SpaceX (@SpaceX) April 20, 2023
The event caused a significant drop in Dogecoin’s value, but it’s worth noting that cryptocurrency markets are notoriously volatile. Therefore, it’s difficult to say how much of the decline is directly related to the Starship explosion.
Elon Musk himself, in a tweet, congratulated the SpaceX team for their hard work and promised that the next Starship launch would take place in a few months. However, his promise of putting a literal Dogecoin on the literal moon, which he made two years ago, might have to wait.
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