Dogecoin’s price jumped almost 6% on Friday, nearing $0.0905, following the successful initial public offering (IPO) of SpaceX. The cryptocurrency, known as a ‘meme coin,’ performed better than many others in the market, likely because the IPO sparked renewed interest in assets linked to Elon Musk.
The recent surge shows how strongly market feelings, Elon Musk’s projects, and risky investments are linked in the world of cryptocurrency.
What is Driving Dogecoin’s Latest Rally?
Dogecoin is a cryptocurrency that’s known for being heavily influenced by Elon Musk and related news. Its price often changes quickly based on what people are saying online, social media trends, and any updates about Musk’s businesses.
A recent surge in investor interest followed SpaceX’s debut on the Nasdaq stock exchange under the symbol SPCX. Its initial public offering was the largest ever, creating exceptionally high demand for the stock. Priced at $171 per share, the offering raised around $75 billion, giving the company a value of nearly $1.8 trillion.
High demand led to over $350 billion in activity, causing some slowdowns at the start of trading. As financial markets reacted positively, Dogecoin saw some of the largest price increases among leading cryptocurrencies.
This reaction shows how closely Dogecoin is tied to Elon Musk’s other projects. In the past, the price of Dogecoin has gone up when Tesla started accepting it as payment for goods, and when Musk talked about possibly adding DOGE payments to X.
Dogecoin, like many cryptocurrencies, tends to move based on connections and how similar assets are performing. It’s becoming clear that Elon Musk’s involvement significantly boosts Dogecoin’s price – something that seems obvious now, but wasn’t initially considered. Today’s price increase was a good opportunity for a quick profit, but likely not a good long-term investment.
— Altcoin Sherpa (@AltcoinSherpa) June 12, 2026
Why SpaceX Matters for DOGE Investors
As an analyst, I’m seeing a lot of interest in SpaceX’s potential public offering that goes beyond just the typical stock market excitement. It’s being viewed as another major venture tied to Elon Musk, and given his continued impact on the crypto market, investors are paying close attention to how this move might affect overall sentiment.
Interest in Dogecoin increased after investors remembered Elon Musk’s previous comments about the DOGE-1 mission and how Dogecoin might be used in his future projects. While there hasn’t been any official news about Dogecoin being added to these projects, the renewed focus led to more people buying the cryptocurrency.
As of today, Dogecoin is trading at $0.0900. My research shows it’s seen a significant increase recently, up over 6% in the last 24 hours and nearly 9% over the past week, according to data from BeInCrypto Markets.
Despite the recent rally, DOGE is still 87.8% below its all-time high of $0.7316, set in May 2021.
According to crypto analyst Altcoin Sherpa, the price of Dogecoin ($DOGE) often rises and falls based on its connection to Elon Musk – a pattern that now seems obvious in retrospect. While today’s increase was positive, it’s likely better suited for quick profits rather than holding for a longer period.
🚨 #DOGEUSDT UPDATE 🚨$DOGE whale vs retail delta has exceeded 0.6.
It’s evident that whale long positioning continues to increase.
— Emilio Crypto ₿ojan (@EmilioBojan) June 12, 2026
While people are hopeful about Dogecoin, experts are still being careful. Dogecoin’s price has often jumped quickly, only to fall just as fast. What happens next could depend on the overall health of the cryptocurrency market, how Bitcoin is performing, and whether people decide to sell their Dogecoin to take profits.
Investors are watching to see if Dogecoin can stay above $0.09. If it does, it might then try to reach prices between $0.10 and $0.12. Successfully reaching those prices could lead to further gains, but falling below $0.09 could cause prices to fluctuate wildly.
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2026-06-12 21:52