"The Ball Elon Musk Launched"...Dogecoin Rallies on SpaceX IPO?

▲ X, Dogecoin (DOGE)/AI-generated image

As major events related to Elon Musk's business expansion are simultaneously highlighted, the flow of funds surrounding Dogecoin (DOGE) is rapidly expanding.

According to the cryptocurrency media outlet U.Today on May 1 (local time), the scale of Dogecoin whale activity reached approximately $116 billion, driven by the combination of SpaceX's push for an initial public offering (IPO) and the anticipation of the launch of X (formerly Twitter)'s payment service 'X Money'. This is interpreted as a reflection of market expectations that Dogecoin could be utilized as a real payment asset within the corporate ecosystem led by Musk, going beyond being a mere meme coin.

SpaceX's IPO is observed to accelerate the commercialization of the space industry while also serving as an opportunity to increase the utilization of virtual assets across Musk's overall businesses. The market is paying attention to the possibility of Dogecoin being included in SpaceX's payment structure, and these expectations are leading to buying by large investors. Along with the expansion of institutional fund inflows, Dogecoin wallet activity is also rapidly increasing.

X Money is identified as a key variable that will expand Dogecoin's actual usability. This service is planned to be designed to integrate remittance, payment, and tipping functions within the platform, and the possibility of Dogecoin being used as one of the main payment methods is being discussed. The market anticipates that an increase in trading volume and changes in liquidity structure could occur simultaneously upon the service's introduction.

On-chain data also confirms a significant inflow of funds. The number of transactions exceeding $1 million has increased by over 300% compared to the previous quarter, indicating an expansion of accumulation by whale investors for long-term holding purposes. Dogecoin maintains a high level of interest compared to major virtual assets, strengthening its presence in the market.

With the simultaneous highlighting of major events like SpaceX and X Money, Dogecoin has entered a phase where anticipation and fund inflows are intertwined. If its role within the ecosystem linked to Musk's business expansion becomes concrete, a change in its market status is also possible.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*