Elon Musk Post Sends DOGE-1 Token Soaring Over 300% Despite Crypto Market Slump

A brief but powerful comment from SpaceX CEO Elon Musk sparked a sharp rally in the DOGE-1 token early this week.

The two-word message instantly set off speculation that the long-awaited DOGE-1 lunar mission might be nearing launch. Traders reacted within minutes, sparking a massive rally in the DOGE-1 Satellite token, a Solana-based memecoin linked to the SpaceX project.

DOGE 1 price chart | CoinMarketCap## SpaceX Connection Drives Renewed Interest

The DOGE-1 token is inspired by SpaceX’s DOGE-1 lunar mission, which was first announced in 2021. The project plans to send a small satellite into lunar orbit, carrying a display screen that will beam digital ads, images, and logos from space. Cameras on board will livestream the broadcasts to Earth through platforms such as YouTube and Twitch

Notably, the mission, partially funded with Dogecoin, has long been a symbolic representation of Musk’s playful relationship with crypto culture.

Trader “Mitch” Makes Timely Move

Mitch has gained a reputation in the memecoin space for quick, high-profit trades. In line with this reputation, he earned $2.8 million in previous cycles, according to Lookonchain.

Dogecoin Faces Opposite Trend Amid Whale Sell-Offs

While DOGE-1 thrived, the original Dogecoin (DOGE) struggled under heavy selling pressure from large holders. Data from Santiment revealed that wallets holding between 10 million and 100 million DOGE offloaded nearly 1 billion coins in recent days.

Dogecoin’s market capitalization has declined sharply, falling from $55.7 billion on October 28 to $24.4 billion today. Consequently, more than $30 billion in value has been eliminated within the span of a week. The token briefly fell to $0.1648, despite a modest 0.8% rebound in the last 24 hours.

Crypto Market Remains Under Pressure

The DOGE-1 rally stood out in an otherwise bearish crypto market. Ethereum tumbled 8.2% to a new low since July, Solana slid 4.9%, and TRUMP, another memecoin, fell 0.6% over the same period

Meanwhile, Bitcoin’s dominance climbed to 59.95%, indicating that investors were consolidating into the leading cryptocurrency while reducing exposure to riskier assets.