🌎 Dogecoin Market Capitalization Surges $2.8 Billion Since SpaceX Moon Landing

Over the past week, meme coin markets have experienced significant growth, with Dogecoin (DOGE) leading the pack alongside other popular tokens. The recent SpaceX moon landing mission, involving Elon Musk’s company, has been credited with boosting Dogecoin prices.

Dogecoin Market Valuation Soars After Moon Landing

Since the historic moon landing on February 23, where an Intuitive Machines Odysseus lunar lander powered by a SpaceX rocket touched down on the moon, Dogecoin’s market capitalization has surged by $2.8 billion. This event, coupled with Elon Musk’s affiliation with the Dogecoin community, has resulted in a remarkable uptrend in DOGE’s price.

At the time of writing on February 28, Dogecoin has seen a price jump of 21.7%, reflecting the substantial growth in market capitalization following the moon landing. Other meme coins like BONK, PEPE, and SHIB have also experienced notable gains, but Dogecoin’s surge has been particularly impressive.

Potential Short Squeeze for DOGE Bears

As Dogecoin’s price rally continues, surpassing the $0.10 mark for the first time in years, bears trading against DOGE may be at risk of a significant short squeeze. Recent data from the derivatives markets suggests that short traders have faced substantial liquidations, indicating a possible surge in buying pressure that could drive prices even higher.

Historically, intense short liquidations have often preceded major price rallies, leading to short squeezes that propel prices upwards. This pattern, combined with bullish sentiment following the SpaceX moon landing, could fuel further gains for Dogecoin in the coming days.

Future Price Forecast for Dogecoin

Based on current market trends and technical indicators, Dogecoin’s price is poised for a potential breakout above $0.10, with a target of $0.15 in sight. The Bollinger bands indicator supports this bullish outlook, suggesting that the uptrend is likely to strengthen.

While resistance may be encountered around $0.1 in the short term, continued short-covering purchases could drive DOGE towards the $0.15 mark. Conversely, a reversal below $0.085 could shift momentum back to the bears, but strong support is expected around the $0.086 level.

As Dogecoin continues to benefit from positive market conditions and external catalysts, investors are advised to monitor price movements closely for potential trading opportunities.