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Elon Musk Revives Dogecoin Hype Train — One Big Player Quietly Loads Up on a Spin-Off Coin

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Elon Musk reignited Dogecoin chatter this week, posting “It’s time” on X, and merchants instantly began attempting to find angles throughout the meme ecosystem.

Dogecoin barely budged at first, then slipped with the broader market. By early Nov. 5, DOGE traded decrease on the day close to $0.16, whereas Bitcoin and Ether had been additionally within the crimson as danger urge for food weakened.

Speculators as a substitute latched on to DOGE-1, a meme token that shares a title with a deliberate CubeSat mission funded in Dogecoin.

Musk’s submit was a reply to Dogecoin group member DogeDesigner (@cb_doge), who wrote “No Highs, No Lows, Only DOGE” and shared a 2021 screenshot of Musk’s promise that SpaceX would “put a literal Dogecoin on the literal moon.”

On-Chain Data Shows Veteran Memecoin Trader Moving Into DOGE-1

Lookonchain noted DOGE-1 jumped about 300% after Musk’s submit. But the token was final down 17.4% to $0.73 later within the session.

On-chain traces pointed to at least one notable purchaser. The dealer generally known as god.sol, additionally referred to as Mitch, spent roughly 100 SOL, about $14,800, to amass 16.27m DOGE-1, in line with pockets data.

The pockets, which reveals prior realized earnings of about $2.8m from memecoin buying and selling, has a historical past of brief holding durations and speedy rotations.

The DOGE-1 mission itself stays a actual undertaking. Developed by Geometric Energy Corporation and financed in Dogecoin, the payload is ready to fly on a SpaceX Falcon 9. Filings point out a late 2025 goal after a number of delays.

Musk Rekindles Dogecoin Talk, however Traders Are Sticking to Caution

Musk’s Dogecoin connection runs deep. He has referred to as it “the individuals’s crypto,” joked about a Martian foreign money, and as soon as modified his X bio to “Former CEO of Dogecoin.” In 2021 his posts helped gasoline a surge that pushed DOGE’s market worth above $80b on the peak.

This time, the backdrop seems to be more durable. Crypto opened November on the again foot after a bruising October, with liquidations and thin liquidity muting the acquainted Musk impact. Bitcoin tumbled about 10% on Wednesday.

Traders described a risk-off tape the place rallies fade shortly and dips appeal to solely selective bids.

Rotation Into Safer Tokens Explains Diverging Moves Across the Meme Complex

Macro additionally weighed on sentiment. Markets parsed hawkish commentary from the Federal Reserve and a shaky international tone, a combine that has drained momentum from high beta tokens and pushed rotation into bigger caps when volatility spikes.

That rotation helps clarify the cut up response. Dogecoin tracked the majors decrease, whereas DOGE-1 turned a short-lived goal for momentum flows earlier than revenue taking knocked it again. The quick spherical journey matches a market laser targeted on liquidity and exit lanes.

For now, the commerce is tactical. If broader situations stabilize, meme pockets can reawaken shortly, particularly when Musk posts. But with Bitcoin defending key ranges and funding resetting throughout derivatives, many desks favor tight danger and fast fingers.

As ever with meme tokens, the important thing tells sit on-chain.

Watch wallets like god.sol for provides or exits, monitor alternate liquidity for DOGE and DOGE-1 and monitor SpaceX chatter that would revive speculative curiosity across the mission’s timeline.

The submit Elon Musk Revives Dogecoin Hype Train — One Big Player Quietly Loads Up on a Spin-Off Coin appeared first on Cryptonews.

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