Dogecoin Gains 6% After SpaceX’s Nasdaq IPO

Dogecoin rose about 6% to roughly $0.09 on Friday after SpaceX’s Nasdaq IPO prompted buying in assets linked to Elon Musk, with traders pushing the meme coin higher as investor interest spread into crypto markets.

SpaceX began trading under the ticker SPCX after pricing shares at $171. The company raised about $75 billion and was valued near $1.8 trillion. Reported demand for the offering topped $350 billion and caused delays in the opening auction.

At the time of the move, Dogecoin traded near $0.09, up more than 6% over 24 hours and about 9% over the past week. The token outperformed much of the broader cryptocurrency market during the session but remained far below its May 2021 peak of $0.7316, about 88% lower.

Traders and market participants linked the rally to sentiment and speculation around Musk. Past price increases followed Tesla accepting DOGE for merchandise and public references to possible uses of the token within Musk’s companies. Mentions of the DOGE-1 mission and other Musk-linked projects resurfaced after the IPO, although no new integrations have been announced.

On social media, crypto analyst Altcoin Sherpa wrote: ‘$DOGE: Crypto is often a game of relationships and relative comps. Elon = Doge pump, something I didn’t think about (but in hindsight makes a lot of sense). Good move today but probably a better scalp opportunity vs. swing play’.

Analysts warned that Dogecoin’s gains can reverse quickly. They said the token’s near-term path will likely depend on broader cryptocurrency conditions, Bitcoin’s price action and whether traders take profits. Market watchers are monitoring whether Dogecoin can hold support above $0.09 and challenge resistance between $0.10 and $0.12; failure to hold support could trigger renewed volatility.

Dogecoin began as a meme-inspired cryptocurrency and has no formal corporate sponsor. Its price has often moved with public attention to figures and companies that mention or accept it.