Rocket Carrying Physical Dogecoin To The Moon Takes Off, But Why Is Price Struggling?
The highly anticipated space launch that is carrying a physical Dogecoin to the moon has finally happened, but the DOGE price has remained stagnant. The Vulcan Centaur rocket took off earlier today with its impressive cargo with hundreds of thousands of participants dropping in.
Vulcan Launch Goes Off Without A Hitch
The Vulcan Centaur rocket launch carried out by the United Launch Alliance took off in the early hours of Monday. The rocket which carried the Peregrine Lunar Lander which is part of the NASA Commercial Luna Payload Services (CLPS) Initiative also carried other cargo, including a gold-plated DOGE coin.
This launch has been anticipated given the fact that it has been in the works for a while. However, it has not had the desired effect on the price of the meme coin which continues to struggle in the wake of the launch. Dogecoin has declined by more than 3% during the last day and is struggling to hold support above $0.075.
Meanwhile, the anticipation around this event has since dissipated since it has turned out to be a ‘sell the news’ event. All eyes are now on the DOGE-1 space mission which is the first space mission to be funded entirely in cryptocurrency. However, if the Vulcan mission is anything to go by, then the DOGE-1 space mission could end up being a non-event as well, especially as investors’ interest in the coin begins to decline.
Can Dogecoin Recover From Here?
Despite the lack of interest that has plagued Dogecoin over the last few days, there is seemingly a light at the end of the tunnel for the meme coin. Its trading volume has begun to recover over the last day, registering an over 60% increase during this time.
This could suggest a return of interest in the meme coin especially as lower prices are giving investors an opportunity to get back into the market. From here, the DOGE price is following the general crypto market movement and a recovery in the price of Bitcoin could trigger a ripple effect that ends up causing a surge in the DOGE price.
Interestingly, the Crypto Fear & Greed Index still remains firmly in the greed territory, which suggests that investors are not discouraged from investing in cryptocurrencies. Most likely, investors are waiting for the SEC’s decision on the Bitcoin Spot ETFs on Wednesday to determine the next course of action.
At the time of writing, the DOGE price is trailing at $0.078 with an over 13% loss in the last week.
