Dogecoin posted impressive gains of up to 7.6% on June 12, reaching a session high of $0.091 before retracing to approximately $0.087. The rally coincided precisely with SpaceX’s highly anticipated public market launch on U.S. exchanges.
SpaceX stock began trading at $150 per share, representing an 11% jump from its $135 IPO pricing. The shares subsequently surged to $176 during peak trading before stabilizing around $161. This performance elevated SpaceX’s market capitalization beyond the $2.1 trillion mark.
With his substantial equity position in the aerospace company, Elon Musk’s personal wealth surpassed $1 trillion—an unprecedented achievement that marked him as humanity’s first trillionaire.
Digital asset markets responded favorably to this development. Bitcoin reclaimed the $64,000 level following recent downward pressure, while numerous altcoins recovered portions of their previous losses during the same trading period.
Dogecoin emerged as one of the session’s top performers. The meme coin has consistently demonstrated sensitivity to Musk-related developments, reflecting his ongoing public endorsement of the cryptocurrency.
Examining the four-hour timeframe, DOGE successfully breached a downward-sloping trendline that had restricted upward movement for more than a week. The digital asset also reclaimed territory above the 0.618 Fibonacci retracement at approximately $0.0867, a level traders are monitoring as potential short-term support.
The MACD histogram has flipped to positive territory, with the MACD line crossing above its signal line. This technical configuration suggests intensifying bullish momentum following the bounce from the June 6 bottom near $0.0776.
The Supertrend indicator continues to display resistance around the $0.088 mark. Should DOGE maintain prices above this threshold, subsequent Fibonacci resistance targets emerge at $0.0896 and $0.0924.
A breakdown below current levels could push prices back toward $0.0827 or challenge the recent support zone.
Cryptocurrency analyst AltcoinSherpa expressed skepticism on X regarding the rally’s longevity. The analyst indicated the price action seems primarily fueled by enthusiasm surrounding Musk’s wealth achievement rather than meaningful improvements in Dogecoin’s underlying value proposition.
Additional market commentators highlighted another potential headwind. Galaxy Digital recently issued a forecast suggesting Bitcoin might decline to approximately $30,000 before establishing a sustainable bottom. Such a significant downturn would almost certainly create downward pressure on speculative cryptocurrencies including DOGE.
At the time of writing, DOGE was changing hands near $0.087, having surrendered some of its daily advance. The token’s inability to maintain its $0.091 intraday peak indicates profit-taking among traders as initial enthusiasm moderated.
The post Dogecoin (DOGE) Rallies 8% Following Elon Musk’s Historic Trillionaire Status via SpaceX IPO appeared first on Blockonomi.
