- Since March 2021, the Dogecoin price has witnessed a strong accumulation ground at an ascending trendline on the daily chart.
- Market weakness intensified after the United States conducted targeted military operations against Iranian air defence, radar, and command infrastructure.
- Speculators are drawing a connection between Dogecoin and SpaceX due to the long-standing influence of Elon Musk on DOGE market sentiment.
DOGE, the popular dog-themed meme cryptocurrency, is down 1.62% today, June 10, 2026 and is currently trading at $0.083. This price pullback followed Bitcoin’s breakdown below $62,000, fueled by risk-off sentiment and ETF outflows after hawkish Fed expectations. However, the market participants are anticipating a potential rebound in Dogecoin price amid the upcoming SpaceX Initial Public Offering (IPO). With the renewed accumulation from whales, can this memecoin hold its $0.075 support?
U.S.-Iran Conflict Sparks Risk-Off Sentiment Across Crypto Markets
The global crypto market cap slipped another 2.38% on Wednesday to reach $2.11 trillion. The primary catalyst behind this drop is geopolitical shock after the U.S. launched military strikes against Iran.
U.S. Military forces carried out targeted strikes on several locations inside Iran following direct orders from President Donald Trump. The targets of the attacks were air defence systems, ground control stations, and surveillance radar stations.
The strike stems from Monday’s downing of a U.S. AH-64 Apache attack helicopter in the vicinity of the Omani coast and Strait of Hormuz. Officials described the helicopter incident as Iranian aggression and framed the strikes as a measured defensive action.
This came just days after Trump suggested that the U.S.-Iran peace talks are in a crucial stage. He had indicated that a possible deal could be concluded in the next two to three days.
According to CBS News, the U.S. Central Command confirmed the strikes and stressed they were limited in scope with no aim toward broader conflict.
DOGE Whales Accumulate 200M Coins Ahead of SpaceX IPO Buzz
Despite persistent broader market pressure, crypto participants are anticipating a bullish reversal for Dogecoin (DOGE). The primary reason for this optimism is the anticipated SpaceX IPO, which is expected to begin trading on Friday, June 12, 2026. The aerospace giant, trading under the NASDAQ ticker symbol SPCX, has set its sights on a historic $1.75 trillion valuation, grabbing global media attention.
Investors are aggressively connecting SpaceX to Dogecoin due to the “Elon Musk Effect.” Musk’s Twitter posts have always been followed by massive retail capital inflows into his meme token, a phenomenon observed over the years. On-chain validation supports this anticipation, with whales recently accumulating over 200 million DOGE.
Moreover, SpaceX has also been accepting Dogecoin to purchase its products and has even approved the ‘DOGE-1’ lunar satellite, further strengthening the psychological tie between both assets. However, any resulting price pump will likely be a temporary, sentiment-driven jump.
Fundamentally, there is no structural or financial connection between Dogecoin and SpaceX equity or revenue. Pure hype could inevitably cause a classic “buy the rumour, sell the news”.
After the IPO media frenzy subsides, it is believed that the speculative money will quickly pull out from the volatile crypto markets and move to SpaceX shares.
The Dogecoin price can only push further towards $0.10 if there is organic long-term demand, otherwise the momentum will continue to be weak.
Dogecoin Price Just 12% Short of a Multi-Year-Support Trendline
In the last 72 hours, the Dogecoin price has plunged from $0.0875 to $0.082, registering a 5.4% loss. In the daily chart, this pullback shows Dogecoin’s sustainability below the $0.088 support breakout recorded in early June.
The relative strength index dropped to 28, indicating an aggressive selling pressure in the market, reinforcing the prolonged correction in price. With sustained selling, the DOGE price could drop another 12.6% and retest the long-coming support trendline at $0.075-$0.073.
As shown in the chart below, this ascending trendline has acted as a major accumulation zone for DOGE since March 2021, indicating a high area of interest for buyers to reverse the market trend.
