The Dogefather and the Rocket: A Story of Failure and Price Drops
The anticipated Dogecoin (DOGE) price surge did not happen as the Starship launch turned out to be a failure.
On Thursday, the SpaceX Starship rocket had a successful launch from Boca Chica, Texas, but ultimately crashed about four minutes into its flight. Despite reaching an altitude of over 40 kilometers, the rocket began to spin out of control and subsequently exploded, with the first stage separation encountering some issues.
While it is currently unknown what caused the flight to fail, the official SpaceX Twitter account confirmed the rocket crash and announced that they would investigate the problems.
Elon Musk, also known as the "Dogefather," had previously linked Dogecoin to the SpaceX service he was planning to launch, so the disappointment of the Starship launch failure might have contributed to the plunge of DOGE's. Bloomberg Billionaires Index reported that Musk's net worth decreased by $12.6 billion in the previous 24 hours due to the incident.
Dogecoin is a meme token that is frequently associated with Elon Musk, and its value has historically fluctuated depending on various Musk-related factors. Despite gradually rising in value before the crash, at the time of writing, DOGE was trading at $0.0842, down nearly 8 % in the last 24 hours and roughly 7% in the last seven days.
Source and Copyright: © TradingView
The number of DOGE bets made by crypto whales has been low over the past two weeks. Since their all-time high on April 4th, the volume of whale transactions has declined significantly across the network. Santiment, a blockchain data company, says that the average number of DOGE trades per day has gone down from 1,062 on April 4 to about 273.
In light of the Starship launch failure, Musk reassured his followers that development on Starship would continue and that issues encountered during the separation of the first stage would be investigated. He congratulated the SpaceX team on the launch and said that the second Starship launch would occur in a few months. However, Musk is still facing a $258 billion lawsuit brought against him by Dogecoin investors who claim he pumped the joke coin and then left it to crash.
