Dogecoin Declines by 2.5% Despite ULA’s Rocket Launch Today

The forerunner meme coin Dogecoin (DOGE) has recorded a significant price decline despite some exciting ecosystem developments. Dogecoin journeyed to the moon today using the United Launch Alliance (ULA) Vulcan Centaur rocket.

Amid this development, DOGE shed off 2.5% of its gains in the last 24 hours, sparking concerns among investors.

Dogecoin On Lunar Mission

According to reports, the ULA launched its first Vulcan Centaur Rocket to the moon earlier today. The rocket contained NASA’s Astrobotic Peregrine Lunar Lander and a Dogecoin Replica. 

This launch has put the spotlight back on Dogecoin, which is recognized as the first meme coin project. 

This is happening now. ❤️ https://t.co/kZqmjhXdaT pic.twitter.com/TQvrcpOqh1

— Dogecoin Foundation (@DogecoinFdn) January 8, 2024

Dogecoin has now become one of the pioneer cryptocurrencies to launch to the moon. However, it is not the only crypto that was launched on the Vulcan Centaur rocket. A replica of Bitcoin was sent to the moon through the efforts of crypto exchange BitMEX and its founder, Arthur Hayes. 

The Vulcan Centaur takeoff was notable after five years of delay. The rocket was successfully launched earlier today, and a video capturing the event was shared on YouTube. The Rocket launch marks a milestone moment for the Bitcoin and Dogecoin communities.

Additionally, the Dogecoin community could witness a similar launch to the moon through the DOGE-1 satellite launch project coordinated by the Geometric Energy Corporation. The satellite, funded by Musk’s SpaceX and Dogecoin Foundation, will ascend into space onboard SpaceX’s Falcon rocket.

Moreover, the project already has the endorsement of the National Telecommunications and Information Administration (NTIA). According to a post on X, the DOGE-1 mission with SpaceX will launch on January 12, 2024, after nearly two years of delays.

However, another delay is still a possibility if all preparations are not in place. 

Will DOGE’s Price Soar to the Moon?

While this event created excitement in the Dogecoin community, it had no significant effect on DOGE’s price, which has declined 2.5% in the last 24 hours. 

Following a brief rally on January 1, Dogecoin has been on a downhill movement, with over 15% price decline in the past seven days. Sellers are currently dominant in the market, so an attempt at a price increase on January 8 went down the drain. 

Sell pressure remains high, with DOGE presently trading at $0.0788, with stiff resistance at the $0.082 price level. The Relative Strength Index (RSI) is dropping to the oversold region and displays a value of 37.77. 

Luckily, the $0.078 price level has become a strong support zone since January 7, and some buy trades at this zone are preventing further recline. Therefore, it will likely rebound in the coming days and break above the $0.08 resistance level if more buyers return.