Elon Musk’s space adventure went wrong this time. This affected his favorite meme coin, Dogecoin, badly. Dogecoin market cap recently dropped from $0.0857 to $0.0802 following an unexpected development from SpaceX. This means a decrease of 7.5% in a short time.
Bad news from SpaceX pushed Dogecoin price down
The aerospace company led by Elon Musk reported that its Starship spacecraft was lost during an important test flight. This marks a significant setback for SpaceX’s deep space launch system. In particular, it points to the second major test flight challenge. Following this development, the price of Elon Musk’s beloved dog Dogecoin began to decline.
This event not only affected SpaceX’s space exploration ambitions, but also led to surprising volatility in the crypto market, as evidenced by the sharp decline in the value of Dogecoin. Following the SpaceX news, there was a significant drop in the value of Dogecoin. In just one hour, DOGE price dropped by 7.5%.
Dogecoin Price Performance. Source: TradingViewSpaceX engineer John Insprucker explained during a livestream that Starship’s automatic flight termination system likely activated early during its course. Regarding the issue, Insprucker made the following statement:
What we believe at this time is that the automatic flight termination system in the second stage appears to have been triggered too late in the burn as it moved down over the Gulf of Mexico.
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