April 21, 2023 at 09:26 GMTModified date: May 16, 2023 at 13:38 GMT
April 21, 2023 at 09:26 GMT

Dogecoin crashes along with Elon’s Starship rocket

Following SpaceX Starship rocket explosion, the price of the Dogecoin has strongly fallen.

Dogecoin crashes along with Elon’s Starship rocket

The price of Dogecoin (DOGE) has fallen back down to earth by 8% in the wake of Elon Musk’s SpaceX Starship rocket exploding in mid air.

Yesterday saw the liftoff of the SpaceX Starship, from a site in Boca Chica in Texas, self-destruct seconds after launching when it went off course.

At the time of writing on 21 April, DOGE was trading at $0.08426 – a drop of 8.10% in the past 24 hours, according to data from CoinMarketCap. The memecoin and Elon Musk’s coin of choice had been trading at highs of $0.09438 earlier this week before yesterday’s failure to launch. DOGE is currently down 88.58% from its all-time high two years ago on 8 May when it reached $0.7376.

SpaceX has since explained that it triggered Starship’s flight termination system after the boosters failed to separate.

“Starship gave us quite a show during today’s first flight test of a fully integrated Starship and Super Heavy rocket from Starbase in Texas,” SpaceX has said in a statement.

“The flight termination system was commanded on both the booster and the ship. As is standard procedure, the pad and surrounding area was cleared well in advance of the test,” SpaceX added.

As a result of the Starship explosion, Elon Musk’s net worth has decreased by $12.6 billion in the past 24 hours, according to the Bloomberg Billionaires Index, as reported by WION.

Do Only Good Everyday

DOGE was originally launched in 2013 by IBM and Adobe software engineers Billy Markus and Jackson Palmer as a joke, when it forked from Litecoin. 

It has since become Elon Musk’s preferred coin and every time he name-drops DOGE on Twitter, the market price reacts accordingly.

Dogecoin is the eight biggest crypto on the market with a cap of $11 billion and a circulating supply of 139,027,386,384.

The ‘Dogefather’s takeover of Twitter exactly a year ago has had hodlers preaching #dogecointothemoon ever since.

Just not this time.