"The Ball Musk Launched"...Dogecoin, Rallying 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 crypto media outlet U.Today on May 1 (local time), the combination of SpaceX's push for an initial public offering (IPO) and the anticipation of X (formerly Twitter)'s payment service 'X Money' launch has led to Dogecoin whales' activity reaching approximately $116 billion. This is interpreted as a reflection of market expectations that Dogecoin could be utilized as a practical payment asset within the corporate ecosystem led by Musk, beyond being a mere memecoin.

The SpaceX 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 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 capital inflow, Dogecoin wallet activity is also rapidly increasing.

X Money is identified as a key variable that will expand Dogecoin's real-world usability. The 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. Dogecoin maintains a high level of interest compared to other 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 expectations and capital inflow are intertwined. If its role within the ecosystem, linked to Musk's business expansion, becomes concrete, there is also a possibility of a change in its market status.

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