Key Highlights
- DOGE climbed 7.6% to reach an intraday peak of $0.091 on June 12, 2026
- SpaceX launched its IPO at $150 per share, driving the company’s market cap beyond $2.1 trillion
- Elon Musk became history’s first trillionaire following the successful public offering
- Bitcoin simultaneously pushed back above the $64,000 threshold
- Market experts remain divided on DOGE’s rally sustainability amid early profit-taking signals
Dogecoin experienced a sharp 7.6% increase on June 12, reaching an intraday high of $0.091 before retracing to approximately $0.087. The rally followed SpaceX’s highly anticipated entrance onto American stock markets.
SpaceX securities began trading at $150, representing an 11% jump from the $135 IPO pricing. The stock surged to $176 during early trading before stabilizing around $161. This performance elevated SpaceX’s overall market capitalization past the $2.1 trillion mark.
With his significant ownership position, Elon Musk’s personal wealth surpassed $1 trillion, establishing him as humanity’s first trillionaire.
Digital asset markets responded favorably to this development. Bitcoin reclaimed the $64,000 level following recent downward pressure, while numerous alternative cryptocurrencies recovered portions of their recent losses during the same trading session.
Dogecoin emerged as among the session’s top performers. The meme coin has consistently demonstrated price sensitivity to Musk-related developments, reflecting his continued vocal endorsement of the cryptocurrency.
Chart Analysis Indicates Potential Trend Reversal
Examining the four-hour timeframe, DOGE successfully breached a downward-sloping trendline that had constrained price action for more than a week. The cryptocurrency also regained ground above the 0.618 Fibonacci retracement level positioned around $0.0867, now serving as a crucial near-term support threshold for market participants.
The MACD histogram has shifted into positive territory, with the MACD line crossing above its signal line. This configuration suggests intensifying bullish momentum following the bounce from the June 6 bottom near $0.0776.
The Supertrend indicator continues displaying resistance in the $0.088 vicinity. Should DOGE maintain position above this threshold, subsequent Fibonacci resistance targets emerge around $0.0896 and $0.0924.
Inability to sustain current levels could trigger a pullback toward $0.0827 or potentially retesting the recent bottom.
Market Experts Express Skepticism Over Rally Longevity
Cryptocurrency analyst AltcoinSherpa raised questions on X regarding the move’s durability. The analyst indicated the price action seems primarily fueled by enthusiasm surrounding Musk’s wealth achievement rather than meaningful improvements to Dogecoin’s underlying value proposition.
Additional market commentators highlighted alternative downside scenarios. Galaxy Digital recently forecast Bitcoin potentially declining to approximately $30,000 before establishing a cycle low. Such a substantial correction would likely create headwinds for higher-risk assets including DOGE.
As of publication, DOGE was changing hands near $0.087, having surrendered part of its session gains. The cryptocurrency’s inability to maintain its $0.091 peak indicates some market participants capitalized on profits as initial enthusiasm diminished.
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