Could paying for a satellite launch using a meme coin be a new upside signal for DOGE and herald a new wave of popularization of this coin by Elon Musk or his business? What could happen to the digital asset in the near future?
The launch of the Dogecoin satellite per se is not a fundamental reason fotr he coin to rally. Moreover, the market is already sluggishly reacting to this news and Elon Musk’s statements about Dogecoin. Traders have grown more sophisticated and understand the difference between hype and true value. This looks more like a PR campaign or a marketing ploy on the part of SpaceX and Elon Musk rather than a framework for the sustainable growth of Dogecoin. For the DOGE price to rise, more compelling reasons will be needed regarding the development of the ecosystem and the use of the coin.
The DOGE/USDT pair is currently trading at $0.078. The price action has been hovering around $0.08 since the beginning of the year. The outlook for Doge remains ambiguous. If the bitcoin price continues to move higher after February 10 before the halving event, we could see the price rebound to $0.091. Losing support at the $0.075 mark would trigger a negative scenario, with a downside target of $0.068.