Dogecoin Value Falls As Musk's Rocket Bursts

Dogecoin has been made famous by Elon Musk, and these close ties continue to reverberate in this token's price action, Chris MacDonald reported for Motley Fool.

Photo Insert: A sizable portion of Dogecoin's investor base are fans of Musk.

Promptly following a spectacular explosion of SpaceX's starship, Dogecoin saw one of its own. This meme token, often tied to self-proclaimed "Dogefather" Elon Musk, has seen its token price gyrate on various Musk-related catalysts over the years.

The disintegration of SpaceX's Starship in its test flight led to an implosion-like move in Dogecoin, which has plunged 8% over the past three hours, as of 12:15 p.m. ET. Prior to this move, the stock had moved steadily higher.

Thus, over the past day, this token has declined only 5.8%, which is still a considerable move, even for this volatile meme token.

The initial optimism heading into this SpaceX test flight may have had some bulls going into buying mode to start the day. However, this crypto's stark turnaround on a catalyst most would think shouldn't impact any cryptocurrency may have raised some eyebrows.

There's no question that a sizable portion of Dogecoin's investor base are fans of Musk.

But should a rocket explosion really cause an implosion in a token tied to one of the world's richest men? That's a perplexing idea, but the fact that this token rises and falls with the popularity of Musk means that's what investors are in for with this speculative asset.

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