Dogecoin (DOGE) is sliding ahead of the historic SpaceX IPO on Jun. 12, failing to draw buyers despite a lunar mission funded entirely in the meme coin.
Key Points:
- DOGE fell 18% between June 1 and June 6, briefly hitting $0.07 for the first time since February 2024.
- SpaceX lists on the Nasdaq on Jun. 12 in a $75 billion offering, the largest IPO on record.
- Open interest in the token collapsed from $6.01 billion in October to roughly $1.02 billion.
Dogecoin Price Stalls Ahead of SpaceX Listing
Dogecoin fell roughly 18% between June 1 and June 6, sliding to about $0.082 as a marketwide selloff dragged crypto lower, data showed. The token briefly touched $0.07 on June 6, its first visit to that level since February 2024. Bitcoin (BTC) had already slipped under $60,000 the previous day, spreading fear across nearly every major asset before clawing back above $63,000 on Monday.
The drop lands at an awkward moment for the token's single biggest catalyst.
SpaceX begins trading on the Nasdaq on Jun. 12 under the ticker SPCX, having priced roughly 556 million shares near $135 each. The offering aims to raise $75 billion at a $1.75 trillion valuation, ranking as the largest public debut on record. Many investors had expected the listing to lift anything tied to Musk, yet Dogecoin has barely flickered, even with the debut only days away.
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Why Traders Are Skipping the DOGE-1 Bet
The connection traces to 2021, when Elon Musk said SpaceX would put a Dogecoin-funded satellite, DOGE-1, on the moon. The 40-kilogram CubeSat, built by Geometric Energy Corporation, would be the first cryptocurrency payment flown into space. SpaceX executive Tom Ochinero has framed the project as proof that crypto can work beyond Earth, though the launch has slipped repeatedly from its original 2022 window, with launch estimates now drifting toward 2027.
Conviction, though, looks thin.
Open interest in the token has collapsed from $6.01 billion last October to roughly $1.02 billion, a sign speculators have stepped aside. Spot Dogecoin ETFs have logged no fresh inflows since June 3. The combined meme coin market cap recently slipped below $30 billion for the first time since January, leaving little appetite for a Musk-driven momentum trade.
Dogecoin's Long Wait Since the SNL Slump
Dogecoin has long risen and fallen on Musk's posts, shedding 33% of its value in 2021 after he dismissed it as a "hustle" on Saturday Night Live. Years later, the name that once drove a near 30% spike on the DOGE-1 reveal is struggling to move the price at all.
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