Dogecoin (DOGE) is among the coins that lost the most value today. Over 5 percent depreciation occurred despite the highly anticipated Dogeday. The crash may be linked to bad news from Elon Musk’s company SpaceX.
Dogecoin surrenders to bears again
Dogecoin was in a steady uptrend last week. From April 12 to April 18, DOGE bulls managed to defend the $0.08 support zone and pushed prices up steadily, reaching a local high of $0.095.
The move gained 18.2% in a week, but much of it was wiped out within hours on Wednesday. The market correction of April 20, which pulled Bitcoin and Ethereum below critical supports, cannot stop Dogecoin’s depreciation despite the strong news flow.
Dogeday fails to meet DOGE bulls’ expectation
April 20 is considered “Doge Day” by many Dogecoin supporters. Celebrations began in 2021, with fans declaring April 20 as “Doge Day” on social media in an effort to push the value of Dogecoin to new heights.
Also, Dogeday was more special than ever as SpaceX targeted the 4/20 test flight of Starship, its most powerful rocket ever created and capable of transporting cargo and people to Mars. However, the Starship rocket exploded in the air today…
The team is working around the clock on many issues. Maybe 4/20, maybe not.
— Elon Musk (@elonmusk) April 19, 2023
Starship rocket exploded 4 minutes after launch
US-based space transportation company SpaceX carried out the test flight of Starship, the largest and most powerful rocket in history. However, the rocket exploded in midair about 4 minutes after launch, before reaching the target orbit. The Starship rocket consists of a first stage rocket called Falcon Heavy and a second stage rocket called Starship.
During the test phase of the Falcon Heavy rocket, it had to leave after reaching sufficient altitude and land in the Gulf of Mexico. However, the separation did not occur, and the Starship rocket as a whole began to spin in the air. Then it exploded with a big explosion. SpaceX examines the data after the incident and continues to work for the next flight test. SpaceX CEO Elon Musk previously stated that the success rate of the mission was 50 percent.
Dogecoin drops hard during Starship crash
On April 20, DOGE was trading at $0.0942, up nearly 94% from last year’s low. However, despite its impressive recovery, its price is still 88% below the ATH level of $0.76 set in May 2021. Therefore, it is far from forming a definitive bullish reversal on longer timeframes. The price correction of the day makes the job of the bulls even more difficult.
cryptocoin.com As we mentioned, Dogeday was expected to have an impact on the Dogecoin price. The Starship crash and market-wide sales have ruled out last year’s 470% rally this time around.
