Dogecoin climbed as much as 7.6% on June 12, touching an intraday peak of $0.091 before pulling back to around $0.087. The move came directly after SpaceX made its long-awaited debut on U.S. stock exchanges.
SpaceX shares opened at $150, an 11% premium to its IPO price of $135. The stock then climbed as high as $176 before settling near $161. That pushed SpaceX’s total valuation above $2.1 trillion.
Based on his ownership stake, Elon Musk’s net worth crossed $1 trillion, making him the first person in history to reach that figure.
The crypto market reacted positively to the news. Bitcoin climbed back above $64,000 after recent weakness, and several other digital assets recovered part of their losses on the same day.
Dogecoin was one of the stronger performers in that session. The coin has a well-documented history of responding to Musk-related news, given his long-running public support for the token.
On the four-hour chart, DOGE broke above a descending trendline that had capped prices for over a week. The token also moved back above the 0.618 Fibonacci retracement level near $0.0867, which traders are now watching as near-term support.
The MACD histogram has turned positive, and the MACD line is above the signal line. That combination points to strengthening buying pressure following the rebound from the June 6 low near $0.0776.
The Supertrend indicator still shows resistance near $0.088. If DOGE can hold above that level, the next Fibonacci resistance zones come in around $0.0896 and $0.0924.
A failure to hold could pull the price back toward $0.0827 or the recent low.
Crypto analyst AltcoinSherpa flagged concerns on X about whether the move has real staying power. The analyst suggested the rally appears driven more by excitement around Musk’s milestone than by any change in Dogecoin’s fundamentals.
$DOGE: Crypto is often a game of relationships and relative comps. Elon = Doge pump, something I didn't think about (but in hindsight makes a lot of sense). Good move today but probably a better scalp opportunity vs. swing play pic.twitter.com/fOb4JIDAph
— Altcoin Sherpa (@AltcoinSherpa) June 12, 2026
Other market observers pointed to a separate risk. Galaxy Digital recently projected that Bitcoin could fall to around $30,000 before finding a market bottom. A drop of that scale would likely weigh on speculative assets like DOGE.
At press time, DOGE was trading near $0.087, having given back a portion of its daily gains. The token’s failure to hold its intraday high at $0.091 suggests some traders took profits as the initial excitement faded.
The post Dogecoin (DOGE) Price Surges 8% as SpaceX IPO Makes Elon Musk World’s First Trillionaire appeared first on CoinCentral.
