Dogecoin (DOGE) has been previously increasing in value, which could be attributed to SpaceX founder Elon Musk’s tweet regarding his Starship rocket launch attempt. However, after approximately four minutes into the rocket’s flight, the rocket exploded — its debris falling from the sky along with the memecoin’s value.
The first test flight of the biggest and most powerful space launch system in the world reached a height of more than 40 km before spinning out of control and exploding. While it was obvious that there was a problem with the initial separation, no one knows why the flight went wrong.
Consequently, DOGE — a cryptocurrency that is heavily associated with Musk due to his enthusiastic support of the coin — has plunged by 8.22% in the past 24 hours at time of writing.
The memecoin was experiencing a brief rebound period from April 13, which coincided with major trading platform eToro’s announcement that it will be offer crypto trading directly to Twitter users — a social platform that is acquired by Musk. Early in April, Twitter momentarily switched to the dogecoin logo to help spark a rally that saw some traders gain as much as 37%.
A Dogecoin designer who goes under the Twitter handle “DogeDesigner” promised 69,420 DOGE on April 13 to any media source that could find the allegedly Musk-owned emerald mine’s location and give evidence of its existence. The value was later increased by Musk to 1,000,000 DOGE. Soon after, the memecoin briefly increased by almost 8%.
