DOGE-1 SpaceX a Step Closer to Launch – Dogecoin Drops

YEREVAN (CoinChapter.com) – The Dogecoin-funded SpaceX ‘Doge-1’ moon mission has moved a step closer to launch, having received crucial regulatory approval from the National Telecommunications and Information Administration (NTIA).

DOGE 1 Launch Close

This development is a precursor to obtaining the final Federal Communications Commission (FCC) license. The DOGE-1 satellite, developed by Geometric Energy Corporation, will be launched aboard a SpaceX Falcon 9 rocket. Notably, the DOGE-1 mission was first announced by SpaceX’s Elon Musk in 2021 and was originally planned for a 2022 launch. However, it has been postponed to January 2024.

True to its speculative nature, the token pumped every time an announcement came from Elon Musk regarding the program.

Additionally, this mission is one of two Dogecoin-related space missions. The other involves a physical Dogecoin token, planned to reach the moon via a mission by Astrobotic, a Pittsburgh-based firm. This mission, carrying 21 payloads from various entities including NASA, is scheduled for Dec. 23.

The Canine Coin Pumps and Drops

In response to the news, Dogecoin initially jumped 5% to $0.083 in the European session on Nov. 29, but dropped to $0.080 within hours.

Interestingly, the network activity peaked at an all-time high, according to on-chain tracker IntoTheBlock.

However, another crypto tracker Santiment did not confirm the findings. Albeit the number of 7-day and 30-day addresses spiked, the platform registered a higher number on several occasions in the past.

Most likely, Dogecoin investors secured their gains after the initial jump after the DOGE-1 SpaceX news, and exited the market, subsequently dropping the price. However, the occurrence is not out of the ordinary for memecoins. Their value can fluctuate depending on daily news or even tweets from prominent proponents.

Thus, the Doge-1 SpaceX announcement was all Dogecoin needed for 15 minutes of fame. Literally.