Dogecoin holds near $0.088 as SpaceX IPO stirs revival debate

Dogecoin rose 1.5% to $0.0882 as SpaceX's $75 billion IPO drew speculative interest in Musk-linked crypto assets, though the token remains 88% below its all-time high.

"The $0.081 level represents the lower mid-range boundary of a five-year parallel channel that has preceded previous bull markets," Ali Martinez, an independent crypto analyst, said. "Holding above this zone is critical for reestablishing buyer confidence."

SpaceX stock debuted at $135 per share and closed at $160, giving the company a market value near $2.1 trillion, according to trading data. Trading volumes surpassed $80 billion following the launch. The broader crypto market rose 1% to $2.19 trillion over the same period, with Bitcoin gaining 1.2% to $64,101.

The question for Dogecoin is whether the speculative wave can outlast the SpaceX surge. A sustained move above $0.090 would open a path toward $0.095 and $0.10, while a break below $0.086 risks a retest of $0.080 — a level that, if lost, has no visible support until $0.070, according to chart data.

$47 Billion in Market Cap Erased Since November Peak

Dogecoin's current price sits 88% below its all-time high, with over $47 billion in market capitalization erased since November 2024, when the token peaked at a $61 billion valuation following the launch of the Department of Government Efficiency — a political catalyst that was terminated eight months ahead of schedule. Musk publicly distanced the agency from the token, calling the similar names a coincidence.

The broader meme coin sector has suffered a parallel collapse. Total meme coin market capitalization peaked at $150.6 billion in November 2024 and has since fallen to approximately $38 billion, according to CoinGecko data. Shiba Inu trades 94.5% below its all-time high, while Pepe and Floki have lost 90% and 93%, respectively.

ETF Launches Fail to Attract Inflows

Grayscale, 21Shares and Bitwise launched spot Dogecoin exchange-traded funds in recent months, yet combined assets under management total just $12 million after weeks of zero net inflows, according to The Block data. By contrast, Bitcoin, Ethereum and XRP ETFs attracted billions in their early trading sessions.

House of Doge launched its payments app in beta on May 25 and followed with a Paxos partnership on June 1, placing DOGE on the same custody infrastructure as Bitcoin and Ethereum. These developments have yet to translate into price action.

Dogecoin's relative strength index stands at 59.87, indicating buyers are in control without overbought conditions, while the moving average convergence divergence indicator remains slightly bullish on the four-hour chart. However, the full bearish exponential moving average stack sits overhead between $0.09366 and $0.11809, with the bull market support band at $0.09854 to $0.10885 acting as resistance, according to TradingView data.

This article is for informational purposes only and does not constitute investment advice.