Dogecoin Jumps Amid SpaceX IPO Hype – Retail Crowns It ‘Best Proof-Of–Work’

• Dogecoin jumped over 10%, beating Bitcoin’s 1.5% gain, as retail momentum pushed the price toward $0.11.
• Stocktwits users were ‘bullish’, with some calling DOGE “the only proof of work that matters anymore,” signaling a narrative shift.
• Speculation around a SpaceX IPO and Musk’s ongoing legal battle with OpenAI are fueling attention, historically linked to DOGE rallies.

Dogecoin (DOGE) rallied on Wednesday morning to hit its highest level in over a month, outpacing Bitcoin (BTC), which rose about 1.5% in the last 24 hours.

Dogecoin’s price surged more than 10% in the last 24 hours to about $0.11 and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the leading meme coin trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels. 

Many retail traders said their sentiment stemmed from the upcoming SpaceX IPO that could boost DOGE’s price at launch due to its link to Elon Musk, who was once touted by the cryptocurrency community as the “Dogefather”. One user added that Dogecoin may be the only proof of work (PoW) token that “matters anymore.”

https://www.stocktwits.com/Kokoblack/message/651714095 

The timing of the move also comes as Musk is involved in an ongoing legal dispute with OpenAI and its CEO, Sam Altman. Musk testified in a high-profile U.S. court case, accusing the firm of turning its back on its charitable foundations for profit-driven purposes. 

Musk’s public exposure and influence have historically carried over into Dogecoin's price movements, even when not directly tied to crypto markets, often leading to retail-driven gains. 

Elon Musk’s link to Dogecoin began in 2019, when he wrote, “Dogecoin is possibly my fav cryptocurrency. It’s pretty cool.” Musk fueled the frenzy in 2021 with postings such as "No highs, no lows, only Doge" and calling himself the "Dogefather" ahead of his Saturday Night Live performance, which saw volatility in DOGE's price.

Optimism Builds Around Dogecoin ETF

The rise in institutional bundling of Dogecoin exposure contributes to the positive backdrop. Earlier this year, 21Shares, the crypto ETF issuer, launched the 21Shares Dogecoin ETF (TDOG). 

The contract provides regulated, physically backed DOGE exposure, taking another step toward integrating the meme currency into regular financial markets.

“Dogecoin is a unique asset with a global community and expanding real-world use cases,” said Federico Brokate, global head of business development at 21Shares, at the launch. The business also stated that it is the only ETF provider endorsed by the Dogecoin Foundation, which strengthens the narrative of institutional legitimacy.

Despite this, Wall Street's desire for Dogecoin-related securities has been rather limited compared to Bitcoin ETFs. Nonetheless, retail hype, Musk-driven storylines, and new financial instruments appear to be reviving interest in the asset.

Read also: Bitcoin May Be ‘Perfect Money,’ But Capital Is Not Free: Jack Mallers Explains Structural Shift In Crypto Credit

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