After completing its correction movement following the $38,000 test, the Bitcoin price has surpassed $37,500 once again. At the time of writing this article, the price was at $37,561 due to the possibility of a settlement between Binance and the US Department of Justice. So, what does the current outlook indicate for Dogecoin (DOGE)? What is the target level in a potential rally?
Dogecoin (DOGE) Heading to the Moon
A physical Dogecoin will be sent via the Peregrine spacecraft through a DHL Moonbox by Astrobotic on December 23, 2023. Yes, DOGE is really going to space, but with cargo. The American company Astrobotic provides services for missions to the Moon and other planets. The company made the following statement:
“Think of the Peregrine spacecraft as a delivery vehicle in space. Just like shipping companies send packages to all corners of the world like DHL, Astrobotic is sending products to the Moon.
Governments, universities, non-profit organizations, and individuals can purchase space on Peregrine and work with the Astrobotic team to achieve their lunar goals. In this first mission, Peregrine will carry various scientific instruments, technologies, memorabilia, and other useful payloads (or cargo) from seven different countries, dozens of science teams, and thousands of individuals to the Moon.”
The Meaning behind “Doge to the Moon”
The phrase “Doge to the Moon” is a famous expression used to describe the parabolic rise in price. Now, symbolically, the physical DOGE logo will go to the Moon. In addition to Dogecoin, BitMEX previously announced that it would send physical Bitcoin in collaboration with Bitcoin Magazine.
It is worth mentioning that Elon Musk announced SpaceX’s “Doge-1” lunar mission in 2021. However, this mission will take place in the first quarter of next year, unlike the one we mentioned earlier. But the problem here is the mischievous billionaire’s current lack of interest in Dogecoin. Normally, during these periods of significant price increases, Elon Musk would appear on the scene, share a few DOGE memes, and boost the price.
These days, Elon Musk is focused on artificial intelligence. He announced his product, Grok, and is working on payment infrastructure for X. He is also adding Tinder and LinkedIn capabilities to the social media platform. It’s not surprising since he has already stated that Twitter will become the application for everything.
On the other hand, if DOGE can see weekly closures above $0.08378, it may initiate a strong upward movement. The double bottom pattern on the weekly chart is promising for the price.
