SpaceX Starship Launch Fails, Dogecoin Reacts

On Thursday, the massive SpaceX Starship rocket crashed after successfully launching from the Boca Chica-based launch pad in Texas. Just after 4 minutes spent in flight, the rocket exploded and the top meme crypto token Dogecoin (DOGE) expressed a reaction to this incident.

The initial test flight of the biggest and the most powerful rocket covered a distance of up to 40 kilometers toward the sky however – after that – it got lost control and exploded.

Failure of the SpaceX Starship Results in Dogecoin’s Plunged Price Levels

It was evident that there were some problems in the early stage of separation. Nonetheless, the real cause of the respective failure is not known up till now. It was anticipated that the Starship launch will help increase the price of the prominent meme token Dogecoin. However, as the launch failed, the anticipated price growth of Dogecoin also remained ineffective.

At present, the well-known crypto token was trading at a decreased price level of up to $0.0841. This price spot indicates that the token dropped by nearly 8.16% in the recent 24 hours. In the past 7 days, the token experienced a 7.24% decline in its price, as mentioned in the data provided by CoinMarketCap (a prominent tracker for the crypto market).

Before this modification, the meme coin’s value had been increasing at a gradual pace. Even for a volatile token like DOGE, the drop of nearly 8.16% in value in just 24 hours is considered to be impactful. Normally, the meme token’s value is associated with the self-proclaimed “Dogefather” Elon Musk. The billionaire entrepreneur who is also the CEO of Tesla and SpaceX has been supporting the crypto token and played a significant role in its frequent price growth.

As per Bloomberg Billionaires Index, the net worth of Musk has dropped by almost $12.6B over the recent 24 hours. This is also a consequence of the explosion of the gigantic Starship. A recent couple of weeks has seen very low volatility in the price of the crypto token. Since the 4th of this month, a dramatic dip has taken place in the sum of whale transfers on the Dogecoin ecosystem.

To measure the whale activity, Santiment (a blockchain data venture) oversees the entirety of the regular transfers of nearly $100,000 or so. As disclosed by the exclusive data, DOGE transfers’ regular volume plunged from 1,062 to just 273 on the 4th of April. SpaceX stated that the test vehicle of the platform went through several engine outs and started tumbling during its test flight.

Because of some technical issues, the original timetable for the launch of Starship failed and Thursday was finally planned as the day for the test. Musk had formerly drawn parallels between Dogecoin as well as the SpaceX service planned by him. Consequently, it seems to be a piece of dissuading news for the meme coin as the Starship’s launch on Thursday was hit by a failure. Nonetheless, deeming this test a disappointment would not be accurate.

Musk Says the Next Launch of Starship Will Take Place in the Approaching Months

Musk shared his congratulations with the SpaceX team on Twitter. He also stated that this was an enthusiastic test launch. In addition to this, the billionaire also noted that another Starship launch is to take place in the next months.

In the meantime, he is still a defendant in a $258B lawsuit filed against him. The petitioners are the Dogecoin investors who assert that Musk pumped the price of the meme token before its collapse.