When Will Elon Musk Send Dogecoin to the Moon? Will DOGE Price Soar?

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

TradingKey - On November 4, Elon Musk, the world's richest person, founder of SpaceX, and CEO of Tesla, claimed the time has come to send Dogecoin (DOGE) to the moon. Musk referenced his earlier tweet, stating, "SpaceX will put a literal Dogecoin on the literal moon," adding, "the time has come."

In April 2021, Musk's original tweet sparked a nearly 30% surge in Dogecoin's price within minutes. Shortly thereafter, Musk confirmed that SpaceX would launch the "DOGE-1 Mission to the Moon," accepting Dogecoin as payment. According to filings with the U.S. Federal Communications Commission (FCC), this launch is still scheduled for late 2025, aligning with Musk's indicated timeline.

With Dogecoin potentially heading to the moon, what does its future hold? How will its price be affected, and can it surpass its all-time high of $0.73? This article will delve into Dogecoin's origins, nature, uses, price trends, future forecasts, and how to acquire it.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Dogecoin (DOGE) is a meme coin featuring the Shiba Inu dog as its mascot. Created in 2013 by Billy Markus and Jackson Palmer, Dogecoin was initially launched to parody the rampant speculation in the cryptocurrency market at the time. It quickly gained popularity on social platforms like Reddit, Telegram, and X (formerly Twitter).

On April 2, 2019, Musk publicly endorsed Dogecoin for the first time. At that time, Dogecoin's official Twitter account launched a poll asking, "Who should be Dogecoin CEO?" Musk not only retweeted it but also replied, "I will be CEO."

Since then, Musk has continuously supported Dogecoin through various means, including using the Shiba Inu image as Twitter's brand symbol, enabling DOGE payments for Tesla merchandise, and discussing Dogecoin's future applications with its founders. Musk's enthusiasm for Dogecoin is primarily driven by its culture of decentralization, youthfulness, and community strength.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Unlike Bitcoin's deflationary narrative, Dogecoin's economic model is mildly inflationary, aiming to serve as "digital cash" suitable for circulation, tipping, and small payments. Details are as follows:

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Dogecoin (DOGE) is the progenitor of meme coins, and its technological foundation, community culture, and application scenarios significantly differ from later meme coins such as Shiba Inu (SHIB), PEPE, and FLOKI. Simply put, DOGE leans more towards a "payment token," whereas other meme coins are often "speculative tokens."

Dogecoin is not only the first meme coin but also the largest by market capitalization. As of publication, Dogecoin boasts a market cap of $24.9 billion, accounting for over 50% of the entire meme coin market ($48 billion). This significantly surpasses competitors like Shiba Inu (SHIB), MemeCore (M), and Pepe (PEPE). If Bitcoin is considered the core of cryptocurrencies, then Dogecoin can be said to dominate the meme coin sector.

[Top Ten Meme Coins by Market Cap, Source: CoinMarketCap]

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Since its inception, Dogecoin has experienced two major bull runs in 2017 and 2021, with its price soaring from negligible levels to $0.73. However, it also suffered multiple drastic "halving" fluctuations during these periods.

Genesis and Dormancy (Late 2013 - Early 2017): In its early days, Dogecoin's price was negligible, consolidating at extremely low levels between $0.00005 and $0.0007 for several years.

First Frenzy and Bubble (2017 - 2020): The crypto market entered a new bull run, with bullish sentiment soaring and retail investors rushing in due to FOMO (Fear Of Missing Out). Dogecoin's price began to climb from around $0.0002, peaking at $0.018 in January 2018, establishing its then-all-time high. Subsequently, as the crypto market entered a bear phase, Dogecoin's price retraced significantly, settling around $0.002 and consolidating for two years.

[Dogecoin Price Chart (Pre-2018), Source: TradingView]

Epic Bull Run and the Musk Era (2021 - 2024): In early 2021, frequent mentions of Dogecoin by Musk on Twitter fueled a surge in DOGE's price from $0.007 to $0.08. On May 8, 2021, when Musk discussed Dogecoin during his appearance on "Saturday Night Live," its price astonishingly reached $0.731, setting a new all-time high.

[Dogecoin Price Chart (2010-2024), Source: TradingView]

Following Musk's appearance, Dogecoin's price halved and subsequently entered a three-year bear market and consolidation phase. In late 2024, Donald Trump's re-election as president boosted bullish sentiment in the crypto market, leading to a brief rebound in Dogecoin's price above $0.20.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Dogecoin lacks smart contract functionality like Ethereum and the scarcity of Bitcoin; its value is almost entirely built on market consensus and sentiment. Specifically, Dogecoin's price movements are primarily influenced by Elon Musk and the broader cryptocurrency market cycles.

After many years, Musk's recent hint about sending Dogecoin to the moon represents a significant historical moment for DOGE's price. However, Musk's allusion still carries uncertainty, particularly regarding the launch date, which has resulted in a subdued market reaction. Furthermore, the crypto market has recently seen a sustained correction, with Bitcoin falling below $100,000 from its high of $120,000. Consequently, Dogecoin's price weakened in tandem, dropping to the $0.16 support level.

[Dogecoin Price Chart (2024-Present), Source: TradingView]

Moving forward, Dogecoin's potential rebound and strengthening will be influenced by three key factors: First, Musk's lunar mission plan; second, a potential Dogecoin spot ETF; and third, the Federal Reserve's monetary policy meetings. Notably, these factors could all materialize in December. Should this alignment occur, Dogecoin's price could break its three-year high of $0.48 within the next year, and potentially even surpass its all-time high.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Dogecoin currently employs "merged mining" with Litecoin. This means miners can mine Dogecoin simultaneously while mining Litecoin, consuming almost no additional hashing power. Therefore, mining hardware must be compatible with Litecoin mining, such as ASIC miners. The mining steps are as follows:

Choose Mining Method and Hardware

• ASIC Miners: Antminer L7, Goldshell LT5
• GPUs: NVIDIA RTX 3060 or higher (limited profitability)

Install Mining Software

• ASIC: Typically built-in
• GPU: EasyMiner, CGMiner, MultiMiner, etc.

Join a Mining Pool

• ProHashing, Multipool, Aikapool
• Support merged mining for DOGE and LTC, sharing hash power and rewards

Set Up Wallet Address

• Use Dogecoin Core (official desktop wallet) or hardware wallets like Trust Wallet, Ledger
• Ensure the address is correct (starts with D)

Start Mining

• Configure miner → Connect to mining pool → Enter wallet address → Start operation

It's worth noting that while it is technically possible to mine Dogecoin with a personal computer, it is practically impossible in reality. This is because individual hashing power is negligible compared to professional Litecoin mining farms globally, making the probability of successfully mining a block infinitesimally close to zero. Furthermore, cloud mining services for Dogecoin are available, but the cloud computing power market is fraught with scams. Thus, careful vetting of platform reputation is essential to avoid fraud.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Acquiring Dogecoin through mining is generally unsuitable for most ordinary individuals, particularly beginners. This is due to its relatively high entry barrier, requiring extensive technical knowledge, significant capital investment, complex operations, and long payback periods. In contrast, directly purchasing Dogecoin requires less capital and is simpler and easier to execute.

Similar to purchasing Bitcoin or Ethereum, the steps to acquire Dogecoin are as follows:

1. Choose an Exchange Platform: Select a cryptocurrency exchange that supports Dogecoin, such as Binance (BNB), Coinbase (COIN), or OKX (OKB).

2. Register an Account: Register an account on your chosen platform, providing the necessary personal information and completing Know Your Customer (KYC) verification.

3. Deposit Funds: Deposit funds into your trading account via bank transfer, credit card, or other supported payment methods.

4. Search for Dogecoin: In the exchange's market search bar, enter "DOGE" to find the relevant trading pair, typically DOGE/USDT.

5. Place an Order: Choose the quantity you wish to purchase, then select either a market order or a limit order to execute the trade. Submit the order after confirmation.

When Will Musk Send Dogecoin to the Moon? Will DOGE's Price Soar?

Dogecoin, the first and largest meme coin by market capitalization, is favored by Elon Musk and has received his support on multiple occasions. As per his current plan, Musk is set to send Dogecoin to the moon by year-end. This event is expected to be a significant catalyst for DOGE's price, with the crypto market keenly awaiting developments. However, investors should approach this situation calmly, analyzing actual market conditions before making any decisions.