Dogecoin -6% After SpaceX Test Rocket Explodes Shortly After Takeoff

On Apr 22, 2023

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Dogecoin (DOGE), the well-known memecoin, experienced a sharp decline of 6% in value as a result of an unexpected incident involving Elon Musk’s SpaceX.

SpaceX Starship Rocket Explosion Causes DOGE Price Drop

The launch of the company’s Starship rocket, as reported by CNBC, was initially successful, but it eventually exploded four minutes after takeoff, leading to an “unscheduled rapid disassembly,” according to SpaceX.

The news of the accident caused DOGE to drop in value, with the cryptocurrency currently trading at $0.0855, a decrease of 7.9% from its 24-hour high of $0.0929, resulting in an overall drop of 6% for the day.

Musk, who immediately praised his team for the rocket launch, stated that the company has gained valuable knowledge for the next test launch, which is scheduled to take place in a few months. However, in his tweet, he did not make any mention of the explosion or provide any images.

Musk’s tweets have previously had a significant impact on DOGE’s price, as evidenced by the recent incident in which he responded to a meme posted by a DOGE graphic designer featuring an image of Musk wearing a helmet and working in a mine.

The tweet temporarily caused DOGE to rise by 5%. In the message, the graphic designer offered a DOGE payment to anyone who could produce evidence regarding a rumor that Musk once owned an emerald mine. Mus also pledged to pay 1 million DOGE to anyone who could provide such evidence, which caused DOGE’s value to increase.

The impact of Musk’s tweets on DOGE’s value highlights the connection between social media and the cryptocurrency market, as well as the vulnerability of DOGE to price manipulation.

Nevertheless, the incident involving SpaceX’s rocket launch shows that events outside the cryptocurrency market can also have an impact on DOGE’s value, demonstrating that the cryptocurrency’s value is subject to a variety of unpredictable factors.

Elon Musk Celebrates “Exciting Test Launch” of Starship Despite Setback

On Thursday morning, SpaceX’s Starship made a successful liftoff from its South Texas launch pad. However, after about four minutes into the debut flight, the rocket began tumbling briefly, resulting in an explosion that destroyed it.

Despite this setback, Musk celebrated the brief mission in a tweet, commending the SpaceX team and noting the valuable information gathered from the effort.

Musk also mentioned that they learned a lot for the next test launch scheduled for a few months from now. After the flight, SpaceX made a humorous social media post in its usual ironic tone, acknowledging the unexpected outcome of the test flight.

The Starship rocket, developed by SpaceX over the years, was originally intended to perform an orbital lap around the planet and make a splashdown in the Pacific near the Hawaiian islands.

However, during the unmanned test flight, the rocket encountered some problems, and the components were not successfully landed back on Earth. This was contrary to the company’s workhorse Falcon 9 rockets.

Nonetheless, the Starship system was designed with return and reuse capabilities in mind, showcasing the private space agency’s commitment to developing more sustainable spaceflight technologies.

Standing at an astounding height of 400 feet, the Starship rocket developed by SpaceX is powered by a total of 33 Raptor engines, which operate in unison to produce an awe-inspiring thrust of almost 17 million pounds.

This groundbreaking feat far surpasses the current record held by NASA’s Space Launch System, which achieved a successful test flight in November last year and can generate up to nearly 9 million pounds of thrust.

As stated by SpaceX, Starship serves as a fully reusable transportation system that can safely carry both crew and cargo to Earth orbit, facilitating humanity’s eventual return to the Moon and enabling future interplanetary voyages to Mars and beyond.

Earlier in the week, SpaceX was set to launch the rocket after receiving approval from the FAA, but the attempt was scrubbed due to a frozen pressure valve problem. Despite the outcome of Thursday’s test flight, SpaceX is building up ahead and continues to push the boundaries of space travel.

Inventors Are Turning To This New Memecoin As Dogecoin Remains Volatile

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