Dogecoin has climbed as much as 7.6% and briefly touched $0.091 after SpaceX’s blockbuster stock market debut pushed Elon Musk’s net worth above the $1 trillion mark.
Summary
- Dogecoin surged as much as 7.6% following SpaceX’s market debut.
- SpaceX’s valuation topped $2.1 trillion, pushing Elon Musk above $1 trillion in net worth.
- Technical indicators show improving momentum, though key resistance remains ahead.
According to market data, Dogecoin (DOGE) rose to an intraday high of $0.091 on June 12 before retreating to around $0.087 at press time, giving back part of its gains as traders reacted to renewed interest surrounding Elon Musk and SpaceX.
The rally came after SpaceX began trading on U.S. exchanges at $150 per share, an 11% premium to its $135 IPO price. Shares later surged to $176 before easing to roughly $161. The move lifted the aerospace company’s valuation above $2.1 trillion and, based on estimates tied to Musk’s ownership stake, made him the first person to surpass a $1 trillion fortune.
Across the crypto market, the listing coincided with a rebound in risk assets. Bitcoin moved back above the $64,000 level after recent weakness, while several major digital assets recovered part of their losses.
Dogecoin, which has frequently responded to developments involving Musk, emerged as one of the strongest performers during the session.
Technical indicators point to improving momentum
On the four-hour chart, DOGE has recovered from its June 6 low near $0.0776 and broken above a descending trendline that had capped prices for more than a week. The token also climbed back above the 0.618 Fibonacci retracement level near $0.0867, a zone that is now being watched as near-term support.
Momentum indicators have also improved. The MACD histogram has turned positive, and the MACD line remains above the signal line, suggesting buying pressure has strengthened following the recent rebound.
At the same time, the recovery remains incomplete. The Supertrend indicator continues to show resistance near $0.088, a level DOGE has only recently begun testing. A sustained move above that area could bring the next Fibonacci resistance zones around $0.0896 and $0.0924 into focus, while a rejection could expose support near $0.0827 and the recent low.
Analysts warn enthusiasm may not last
Despite the positive reaction, some market observers remain cautious about the durability of the move.
Several analysts have argued that Dogecoin’s surge may be driven primarily by excitement surrounding Musk’s trillionaire milestone and SpaceX’s highly anticipated public debut rather than a change in Dogecoin’s underlying fundamentals.
https://x.com/AltcoinSherpa/status/2065443577593790823
Additional concerns stem from the outlook for Bitcoin. In a recent report, Galaxy Digital projected that Bitcoin could eventually fall toward $30,000 before establishing a market bottom. Such a scenario, if it materializes, could weigh on sentiment across the digital asset market, including speculative assets such as Dogecoin.
For now, DOGE remains tied to the attention generated by Musk’s latest achievement. While traders have responded positively to the SpaceX listing, the token’s inability to hold its intraday peak suggests some investors are already locking in profits as the initial excitement begins to cool.
