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(Kitco News) – As the crypto bull market starts to heat up, Dogecoin (DOGE), the most popular ‘meme coin,’ is preparing to go on a moon mission, which analysts say could see the price of DOGE double in the near future on a potential path to $4.
According to an X post by Samuel Reid, the CEO of Geometric Energy, the National Telecommunications and Information Administration (NTIA), which is a division of the Department of Commerce, has approved one aspect of the DOGE-1 satellite mission, advancing the project one step closer to launch.
The DOGE-1 satellite is a CubeSat mission planned by Geometric Energy that has been entirely funded through DOGE donations from members of the Dogecoin community.
The NTIA “approved DOGE-1 X-Band (0083-EX-CN-2022 on http://ntia.doc.gov),” said Reid. “We have yet to get the FCC license grant which will address X-Band and S-Band.”
Once fully approved, the satellite will be launched as part of the payload on a SpaceX Falcon 9 rocket and will be used to collect “lunar-spatial intelligence” using onboard sensors and a camera. Once in lunar orbit, the satellite will explore the Moon and display images and digital art on a small screen on the lunar orbiter that will be broadcast back to Earth.
The miniature screen on the DOGE-1 satellite will also display advertisements, images, and logos as a way for the project to generate additional income.
DOGE-1 was first announced in May 2021 as a rideshare aboard a collaborative rocket launch between Intuitive Machines and NASA. It was originally intended to launch in Q1 2022, but faced repeated postponements, and is now expected to launch in January 2024.
Along with the DOGE-1 mission, Dogecoin developers have also announced plans to launch a physical Dogecoin token to the moon as part of a mission planned by the Pittsburgh-based firm Astrobotic.
“Astrobotic plans to send a physical Dogecoin to the moon in the DHL Moonbox via ULA’s Vulcan Centaur Rocket on 12/23/2023,” a post on the Dogecoin X feed said. “Funded by our community in 2015, this mission embodies collective effort!”
The mission is currently on track to launch on Dec. 23 and will carry 21 payloads from governments, companies, universities, and NASA’s Commercial Lunar Payload Services (CLPS) initiative.
The impending moon missions have reignited interest in Dogecoin, which has struggled to break above $0.087 in the wake of a crypto winter that has seen the token’s price decline 92% from its high near $0.76 in May 2021.
DOGE/USD Chart by TradingView
But that could soon change, according to analysts, as the DOGE-1 mission has sparked a panic to own the token, with the number of addresses holding DOGE recently hitting a new all-time high above 5 million.
💥 JUST IN: The number of addresses holding $DOGE has just hit a record high. For the first time, more than 5 million addresses are holding #dogecoin according to analysis by @intotheblock pic.twitter.com/k4HQVcK5bZ
— Crypto Chiefs (@cryptochiefss) November 28, 2023
According to market analyst Ali Charts, “On the weekly chart, DOGE faces a major hurdle at $0.087. This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.”
DOGE/USD 1-week chart. Source: X
“Breaking past this barrier could open the gates for DOGE to nearly double its price, aiming for a target of $0.14,” he said.
Macro analyst Cryptollica posted the following chart showing that DOGE has bottomed and started to reverse.
DOGE/USD 1-hour chart. Source: X
Based on the upward-sloping price channel, the chart suggests that DOGE has the potential to reach $0.90 in the months ahead, and could climb as high as $4 long term.
At the time of writing, DOGE trades at $0.0813, an increase of 1.15% on the 24-hour chart.
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