Dogecoin's 72-day Box Range Ends...10% Surge Amid SpaceX IPO Expectations

▲ Elon Musk, Dogecoin (DOGE)/AI-generated image ©

Dogecoin (DOGE) has broken out of its 72-day box range, pushing $0.10 to a key support level, and expectations for further gains are rapidly spreading in the market.

According to investment specialized media FXLeaders on April 30th (local time), Dogecoin recently surged by approximately 10%, breaking above the $0.10-$0.11 resistance zone. This is being evaluated as the end of the sideways trend that continued since February of this year and the entry into a new upward phase.

The price started at $0.099 and rose to around $0.109-$0.112, with $0.10 establishing itself as a new support level. It gained approximately 10% throughout April, notably breaking out of the $0.086-$0.118 range box with increased trading volume. Currently, it is fluctuating in the $0.105-$0.110 range.

The key driving force behind this surge is the anticipation of a SpaceX Initial Public Offering (IPO). With a potential listing in June 2026 and a valuation estimated between $1.75 trillion and $2 trillion, the related expectations have stimulated Dogecoin investment sentiment. Indeed, the number of active addresses surged by 28%, indicating increased on-chain participation.

Upward bets are also clear in the derivatives market. Futures open interest surged from $629 million to over $1.2 billion, forming a structure dominated by long positions. Simultaneously, Dogecoin spot ETF fund flows also turned positive, recording an inflow of $1.34 million for the week, the largest since January. This structure opens up the possibility of a short squeeze while also acting as a factor for increased volatility.

However, as the uptrend is primarily driven by individual investors, risks also exist. Due to a high leverage structure, liquidation volumes could expand if prices fall, and on-chain data and spot demand show conflicting trends. In the short term, the $0.12-$0.15 range is presented as a target, but the prospect of reaching $1 is still considered a long-term scenario accompanied by high volatility.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*