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Elon Musk has reignited interest in Dogecoin-related assets as he recently responded to a community post on X that recalled his 2021 promise to send a Dogecoin-funded satellite to the moon.
When the user wrote, “No highs, no lows, only DOGE,” Musk replied, “It’s time.” The comment drew immediate attention to the Solana-based DOGE‑1 token. Before the post, the token had been sliding with the broader market and stood at an all-time low of about $0.000282.
Traders quickly bought the token. Its price surged above $0.0012 within hours, gaining more than 300% from its November 3 level. Data show that DOGE‑1’s market capitalization jumped approximately 367% to about $9 million. Even after a pullback, the value remained far above its early-November low. The rally stood out because other major cryptocurrencies stayed under pressure.
The SpaceX project that will send a Dogecoin-funded satellite into lunar orbit inspired the DOGE‑1 name. The mission plans to carry a screen for ads and logos and to stream the content back to Earth through cameras for viewers.
On-chain analytics platform Lookonchain highlighted that a trader known by the pseudonyms “Mitch” or “god.sol” bought about 16 million DOGE‑1 tokens shortly after the tweet. He spent roughly 100 SOL, worth about $14,800, and the position was appreciated. Mitch previously realized around $2.8 million from memecoin trades, illustrating how veteran traders monitor social media for signals and act on them.
While DOGE‑1 jumped, the original Dogecoin faced selling pressure. Data from Santiment shows that wallets holding between 10 million and 100 million DOGE sold nearly one billion coins recently.
Dogecoin’s market capitalization fell from about $55.7 billion at the end of October to roughly $25 billion, and the coin slipped below $0.18, touching a low of $0.1527. Over the past month, Dogecoin has lost close to 37% with the memecoin at the time of writing trading above $0.16. The divergence between the two tokens highlights how targeted hype can benefit a new memecoin even as its inspiration struggles.
The broader crypto market remained weak during the DOGE‑1 surge. Ethereum fell below $3,500, Solana declined to below $170, and the TRUMP memecoin dipped to around $ 7.60. Bitcoin’s dominance climbed toward 60% as investors moved into the largest digital asset. Analysts say such rotations into established coins often occur when volatility rises.
Observers warn that meme tokens like DOGE‑1 can reverse as quickly as they climb. The SpaceX mission remains in development without a confirmed launch date. Large Dogecoin holders continue to reduce their positions, and major cryptocurrencies are still under pressure. These factors make the durability of the rally uncertain. The episode shows the power of celebrity influence. Investors should remain cautious. The event illustrates how quickly public sentiment can shift.
Also Read: Dogecoin News Today: Whales Dump $1B in DOGE as Price Crashes 7%
