DOGE Market Cap Soars $2.8 Billion Since SpaceX Moon Landing π
Dogecoin, along with other memecoins like PEPE and BONK, has experienced a significant surge in the past week. This surge in the market can be attributed to Elon Musk’s involvement in a recent moon landing mission conducted by his company, SpaceX. The successful landing of the Intuitive Machines Odysseus lunar lander, powered by a SpaceX rocket, marked the first American spacecraft to land on the moon since 1972.
Since this groundbreaking event, Dogecoin’s price has skyrocketed by 21.7%, resulting in a staggering $2.8 billion increase in its market capitalization. Other memecoins have also seen notable gains during this period, but Dogecoin’s growth has been particularly significant compared to its competitors.
Dogecoin’s Connection to SpaceX Moon Landing
Elon Musk’s connection to the Dogecoin community has been widely publicized recently. Given the timing of the moon landing and historical trends between Dogecoin and bullish events related to Musk’s companies, it is likely that more positive price action could follow for Dogecoin.
DOGE Bears Face Potential Short Squeeze Risk π»
Since February 23, when the rally began, Dogecoin has been experiencing an unstoppable surge and surpassed the $0.10 mark for the first time in 2024. However, recent developments in the derivatives markets suggest that bears might be at risk of a significant short squeeze.
The CoinGlass Liquidations chart reveals that on February 27 alone, short traders suffered losses of $4.3 million due to liquidations. This is the highest loss for bears since December 6. Such a dramatic surge in short liquidations often indicates the possibility of a short squeeze, which can lead to further price appreciation.
During a short squeeze, traders rush to buy to avoid margin calls and cover their short positions. This increased buying pressure can amplify the price increase and trigger more short covering, resulting in a cascade of price appreciation. The previous instance of DOGE short traders recording liquidations over $4 million saw Dogecoin’s price rise by 13% within the next five trading days.
In summary, the combination of SpaceX’s involvement in the moon landing and frantic purchases from futures traders trying to avoid margin calls could serve as significant catalysts for another upward movement in Dogecoin’s price.
DOGE Price Forecast: Breaking $0.10 May Lead to Greater Gains π°
Based on current trends in the derivatives market, it is likely that DOGE’s price will continue to rise towards $0.15. The Bollinger bands technical indicator also supports this bullish prediction for Dogecoin’s price.
The upper Bollinger band is sloping upwards, indicating a bullish signal and suggesting that the uptrend will strengthen further. However, there may be resistance around the psychological barrier of $0.1 in the near future. Nevertheless, if short-covering purchases persist, there is potential for another surge towards the $0.15 mark.
If the price reverses below $0.085, bears may regain control. However, based on the 20-day SMA (simple moving average), it is likely that bulls will provide strong support around the $0.086 area.
π₯ Hot Take: DOGE Continues to Soar After SpaceX Moon Landing π₯
Dogecoin has experienced remarkable growth since Elon Musk’s SpaceX played a role in the recent moon landing mission. The market capitalization of DOGE has increased by $2.8 billion, highlighting the positive impact of this event on the cryptocurrency. Additionally, the potential for a short squeeze and the bullish predictions for DOGE’s price further indicate that more gains could be on the horizon.
As a crypto enthusiast, you should keep a close eye on Dogecoin as it continues to make waves in the market. With its connection to significant events like the moon landing and the support of influential figures like Elon Musk, Dogecoin has proven to be a force to be reckoned with in the world of cryptocurrencies.
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