Will Dogecoin’s Value Soar as It Launches a Satellite to the Moon?

The original memecoin, Dogecoin, gained renewed attention when it recently announced that it was funding the launch of a satellite to the moon. Not just any satellite, but a CubeSat satellite, which if successful will be the first of this type to reach the moon.

This satellite venture will be done in partnership with SpaceX, whose founder, Elon Musk, predicts that it will be ready to launch within the next few months. This partnership should come as no surprise to those following Elon Musk, who described Dogecoin as “my fav cryptocurrency” on Twitter in 2019.

Unsurprisingly, Dogecoin stock rates began to soar in the weeks following the announcements, with investors using public platforms, such as Twitter, in an effort to push stock prices to the coveted $1 benchmark.

News for investors over the last few weeks, however, has been nothing short of frustrating with Dogecoin’s stock rates fluctuating significantly. For example, last Friday was no different. Dogecoin, along with most of its competitors, including Ethereum, Cardano, and even Bitcoin, saw a significant drop in stock rates in reaction to higher than expected inflation predictions.

Fortunately, after seeing a drop of nearly 5%, Dogecoin stock was able to recover by the end of trading. But there’s no denying that the day’s events have left investors contemplating Dogecoin’s investment potential.

There are several factors affecting Dogecoin’s stock rates. First, the cryptocurrency industry, including memecoin, is more crowded today than ever before. While Dogecoin was the first memecoin to enter the market in 2013, emerging companies, such as Shiba Inu, have pushed Dogecoin down to the number ten spot on the cryptocurrency ranking list. Secondly, the fears of inflation are making some investors hesitant to take risks on any type of cryptocurrency.

The reality, however, is that now may be the best time to invest in Dogecoin. Certainly, the risk of inflation is something all investors must pay attention to, but as the date of Dogecoin's satellite launch gets closer, there’s a good chance this news will affect stock rates. Investors looking to enhance their cryptocurrency portfolio should keep a close eye on the market and consider buying when the rates are right.