TradingKey – According to reports from several mainstream financial media outlets, including The Wall Street Journal, Reuters, and the Financial Times, Elon Musk’s SpaceX is expected to list on the Nasdaq on June 12 ( NDAQ) under the ticker symbol SPCX.
SpaceX plans to raise $75 billion to $80 billion in the public market; this listing will make it the largest IPO in history, and Dogecoin, which shares a connection with the company, has also become a focus of attention. What, then, is the relationship between SpaceX and Dogecoin ( DOGE )? Could the SpaceX listing drive its price higher?
What is the connection between SpaceX and Dogecoin?
On April 1, 2021, Elon Musk publicly posted on X (formerly Twitter), ‘SpaceX is going to put a literal Dogecoin on the literal moon.’ Since it was April Fool’s Day, the market did not react significantly at first, but CNBC space reporter Michael Sheetz immediately tweeted, ‘Although it’s April Fool’s Day, I have no doubt he will actually do it.’ Musk subsequently confirmed the statement was true, and the remarks triggered a nearly 30% surge in Dogecoin within minutes.
One month later, the Canadian technology company Geometric Energy Corporation (GEC) officially announced it had commissioned SpaceX for the ‘DOGE-1’ lunar mission, with the fee paid entirely in Dogecoin, fulfilling Musk’s promise. However, five years have passed and the plan to bring Dogecoin to the moon has yet to be realized. This February, in response to inquiries from the Tesla Owners Club of Silicon Valley regarding the moon mission, Musk replied that it would likely happen next year (2027).
It is evident that Musk has created a commercial intersection between Dogecoin and SpaceX, merging aerospace vision with Dogecoin culture and imbuing it with the qualities of a space currency. Furthermore, SpaceX still holds Dogecoin, which likely represents the payment from GEC. In this regard, Musk has publicly stated several times that ‘he personally, Tesla ( TSLA) and SpaceX all hold Dogecoin.’
Will a SpaceX IPO Drive a Dogecoin Price Surge?
SpaceX’s listing will undoubtedly drive a sharp price resonance for Dogecoin, but this is not equivalent to a guaranteed “long-term surge” for retail investors. In the crypto market, Dogecoin has long been regarded by capital as a shadow token of “Elon Musk’s personal influence and net worth” . When SpaceX sparks a frenzy of global capital in the public market and Musk is poised to challenge the title of humanity’s first “trillionaire,” such extreme sentiment and buzz will help translate into buying interest for Dogecoin.
Although the bullish catalysts are extremely powerful, one must be wary of the “buy the rumor, sell the fact” phenomenon. From April to mid-May, overwhelming media coverage of SpaceX’s record-breaking $80 billion funding round drove very strong speculative buying for Dogecoin, pushing its price from a low of $0.08 to a high of $0.12, achieving a 50% increase. Dogecoin price chart, Source: TradingView
However, as the SpaceX listing approaches and Bitcoin’s price trends downward below $80,000, Dogecoin’s price has also seen a noticeable correction. Therefore, in the face of this “IPO of the century,” one should not blindly believe that “the rocket launch means Dogecoin will skyrocket.” It should be treated rationally, with particular attention to the June 12 listing date. Investors should strictly execute profit-taking in stages on the eve of the event to avoid a sharp decline after market sentiment reaches a frenzy.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
Disclaimer: The content of this article solely represents the author’s personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article’s content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.
