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Dogecoin soars 25% in one week as launch of DOGE-1 lunar satellite draws closer

Dogecoin soars 25% in one week as launch of DOGE-1 lunar satellite draws closer

As the period of difficulty for the largest assets on the cryptocurrency market persists, some tokens are doing particularly well, including the meme crypto Dogecoin (DOGE), which is soaring on the wings of the upcoming launch of a lunar satellite directly related to the brand.

Indeed, the countdown has started for the launch of the SpaceX Falcon 9 with DOGE-1 and IM-1/NOVA-C lunar payloads, set to take off from Kennedy Space Center in Florida on January 14, 2023, according to the information retrieved on November 28 from SpaceTV, which will stream the event.

As a reminder, SpaceX founder and Tesla (NASDAQ: TSLA) CEO Elon Musk announced the “DOGE-1 Mission to the Moon” back in May 2021, but the launch has so far been delayed due to the Intuitive Machines’ IM-1 lunar lander dictating the mission’s progress, as Finbold reported.

Dogecoin price analysis

At press time, DOGE was trading at the price of $0.09504, which represents a decline of 4.08% on the day, but a strong 25.45% gain across the previous seven days, as per data retrieved by Finbold on November 28.

Dogecoin 7-day price chart. Source: Finbold

Bullish factors stack up

On November 25, Dogecoin gained over 8% in 24 hours after Musk crypto podcaster David Gokhshtein told his 700,000 followers that he believed the Ethereum (ETH) co-founder Vitalik Buterin and the new Twitter (NYSE: TWTR) CEO would soon begin working together to improve DOGE.

Notably, as Finbold reported back in September 2021, Buterin said at the time that the DOGE developers should consider switching to the Proof-of-Stake (PoS) algorithm, adding that the Ethereum code can easily be used for that transition.

Should the launch of the DOGE-1 lunar satellite go according to plan, alongside the asset being integrated as a payment method on Twitter, it could potentially lead to Dogecoin skyrocketing to record highs, perhaps even above its all-time high from May 2021, as interest in the decentralized finance (DeFi) token rises.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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