Will DOGE reach $0.50 after the space mission is launched by Elon Musk?

• Many members of the Dogecoin community hope that Elon Musk’s DOGE-1 mission might push DOGE’s price to $0.50.
• While it is likely that DOGE’s price will rise following the launch, it is unlikely to hit the $0.5 price level as the hype surrounding this digital asset has reduced significantly worldwide.

Up till around June 2022, the Dogecoin ecosystem remained confident about DOGE’s price reaching the $1 level before December 2022. Their confidence further rose when Matt Wallace, a popular Dogecoin influencer, forecasted that DOGE would trade at $1 by the end of 2022. He was so confident in his prediction that he revealed to the popular news outlet Watcher Guru in an exclusive interview that if DOGE doesn’t trade at $1 by December 2022, he will delete his YouTube account.

I am so confident #Dogecoin will pass $1 by the end of the year, that I will delete my YouTube channel if it does not.

— Matt Wallace (@MattWallace888) June 15, 2022

However, it’s now January 2023, and DOGE has yet to trade at $1. Instead, it currently trades at $0.07, according to to our data. In addition, it is nearly 90.5 percent off its peak price of $0.73, which it set in May 2021. Many members of the Dogecoin community hope that Elon Musk’s DOGE-1 mission might push DOGE’s price to $0.5. However, time will tell whether DOGE will trade at $0.5 after Musk’s DOGE-1 mission.

No launch date yet

Unfortunately, Elon Musk hasn’t shared any possible date of when the launch will likely happen. Also, the SpaceX team has yet to release any official statement regarding the launch. The only hint of a possible launch date has been from Dogecoin’s UI/UX designer, who recently tweeted that the space mission launch should happen on or before March 2023.

He added that the mission would be the first space mission with full funding through any digital currency. If his words were true, the space launch should happen in the next 100 days or less than three months from today. Nevertheless, there is still no official statement from SpaceX to confirm or deny the date.

DOGE-1 Mission will launch no earlier than March 2023, as confirmed by @SamuelReidGEC @GeometricEnergy @YourTimeInSpace

This mission is completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. pic.twitter.com/cMWk0yL9lF

— DogeDesigner (@cb_doge) December 31, 2022

DOGE’s price prediction after space mission launch

However, the real question is, what happens to DOGE’s price after the space mission launch? While it is likely that DOGE’s price will rise following the launch, it is unlikely to hit the $0.5 price mark as the hype surrounding this digital asset has reduced significantly worldwide. Furthermore, analysts predict that the global financial market downturn will continue this year. Hence, the prices of cryptos and stocks will continue to decline.

Hence, it is unlikely that DOGE’s price will trade at $0.5, even though there is no doubt that the space-1 mission launch will be a topic of hot debate in the crypto space. Even though it crossed the $0.5 price level during its famed bullish run in 2021, most DOGE investors are currently in debt, as each of their Dogecoins is worth less than $0.1.

DOGE can only trade at $0.5 if it surges by 835 percent after the space mission launch. However, the ongoing crypto bear market makes this projection an unlikely possibility. Nonetheless, the Dogecoin community can hope that other project developments related to Dogecoin can cause a rise in the value of the network’s native currency.