Tesla (NASDAQ:TSLA) CEO Elon Musk has sent the price of a Solana memecoin surging with an X post rekindling a 2021 Dogecoin promise.
“It’s time,” Musk said on Nov. 3 on X, referring to a 2021 promise “to put a literal Dogecoin on the literal moon” with a SpaceX mission aptly named DOGE-1.
While the post in previous years would have sent DOGE soaring, the memecoin failed to react. Instead, it fell by as much as 10%, from about $0.19 to $0.16, amid a broad market crash.
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Speculators, however, flocked to DOGE-1 Satellite, a Solana memecoin inspired by the space project, sending the token surging 200% on Nov. 3 from a market capitalization of $3.45 million to $10.25 million. The token continues to hold onto some of its gains, with its market capitalization most recently at $7 million.
The DOGE-1 Mission
The DOGE-1 mission, planned by Canadian research firm Geometric Energy Corporation and fully funded with Dogecoin, aims to collect lunar data using onboard sensors and cameras. It also intends to broadcast ads and images back to Earth with a miniature screen.
DOGE-1 was initially scheduled for launch at the end of 2023, but has faced several delays. Despite Musk’s remarks, it is now targeting a launch in the second half of 2026, according to recent details shared by Geometric CEO Samuel Reid.
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The mission and Musk’s influence had previously been major drivers of Dogecoin’s price. Public mentions by Musk in particular have been widely attributed as the catalyst for the memecoin’s record 13,000% run in 2021.
Musk, who famously called himself “The Dogefather” on an episode of “Saturday Night Live,” has hailed the memecoin as “the people’s crypto” and said it is a better medium of exchange than Bitcoin.
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