Dogecoin soared to over 16% in just five days amidst the crowd’s anticipation of the SpaceX “Starship” launch. However, the token slipped by 4% in just an hour after the scheduled event got postponed.
The uncrewed flight was slated to lift off from Boca Chica in Texas at 08:20 local time [14:20 BST].
Elon Musk, CEO of SpaceX, reported in a tweet that a pressurant valve appeared to be frozen in the booster stage, delaying the launch of the “most powerful rocket ever built” that was intended to transport humans to Mars.
According to SpaceX, the team is ‘working towards the next possible opportunity’ to launch the rocket, even though the launch will be postponed by at least 48 hours.
For context, Starship is touted to be both bigger and more powerful than NASA’s own heavy rocket called the Space Launch System or SLS.
The ultimate goal is to establish bases on the Moon and Mars and put humans on the “path to being a multi-planet civilization,” Musk said.
Musk, a fervent supporter of Dogecoin, has frequently used his influence to drive up the token’s price. It is therefore no surprise why the DOGE community was pumped up for the launch.
Recently the Twitter CEO changed the platform’s blue bird logo to the icon for the meme token in an apparent late April Fool’s joke.
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The Twitter logo on the social network’s mobile and desktop homepages was replaced with a picture of a Shiba Inu dog, the mascot of the token. The dog was also featured on the website’s loading screen.
Following the unexpected changes, the price of Dogecoin jumped by over 30% and the level of DOGE mentions across various social media platforms spiked as well.
However, the 8th-ranked token lost roughly 11% of its value after the new Twitter logo was switched back to the original bird logo for reasons unknown.
Onchain data platforms also observed the “aggressive” buying of Dogecoins by small addresses, referred to by experts as “fish,” as the value of the token increased.
When it came to the big investors, Santiment noted that these whales might be Musk’s friends, including the CEO of Twitter, who benefited greatly from the rise.
The report however stated that this is “just speculation, of course, without knowing the identities of the owners of these addresses.”