The Tesla and SpaceX CEO Elon Musk has reiterated a pledge to send a physical Dogecoin to the moon aboard a SpaceX mission, potentially as early as 2027. This unique stunt aims to literally fulfill the crypto community’s “to the moon” phrase for the memecoin. However, Dogecoin’s price has faced significant declines recently, falling over 18% in the past month and remaining down more than 87% from its all-time high, which analysts attribute to a broader investor risk-off approach.
Elon Musk, a vocal supporter of Dogecoin, once said he would put an actual Dogecoin (DOGE) on the moon with one of his SpaceX missions. In February, Musk revealed that SpaceX will most probably launch an actual Dogecoin to the moon in 2027.
Dogecoin’s market performance has been lackluster despite this high-profile backing. According to CoinGecko’s Dogecoin data, DOGE’s price fell 2% in the last 24 hours and 18% over the previous month.
The cryptocurrency remains down more than 87% from its all-time high of approximately $0.73. Analysts note Dogecoin’s recent downward trajectory follows a peak near $0.46 in December 2024.
This decline is likely due to investors taking a risk-off approach given macroeconomic uncertainties. As a memecoin, DOGE is considered to carry more risk than assets like Bitcoin or Ethereum.
The proposed lunar mission could lead to a massive surge in investor sentiment. No other cryptocurrency could claim such a unique physical achievement.
Musk aims to turn the popular crypto phrase into a literal reality for Dogecoin. Whether this event could propel DOGE to the symbolic $1 mark, however, remains an open question.
