The price of popular meme asset Dogecoin (DOGE) dipped 6% today as tech billionaire Elon Musk’s SpaceX launched a test rocket only to explode shortly after.
According to a new report by CNBC, the test launch of the company’s Starship rocket had a successful start until it blew up four minutes into its flight due to a “rapid unscheduled disassembly” according to SpaceX.
News of the incident sent DOGE downwards, as the meme coin is now trading for $0.0855, a 7.9% drop from its 24-hour peak of $0.0929 and a 6% drop on the day overall.
Musk, who immediately congratulated his team on the launch of the rocket, said that the company has “learned a lot for the next test launch,” which is scheduled to happen in a few months. However, his tweet did not explicitly mention the rocket’s explosion or post any accompanying photos of it.
Musk’s tweets have impacted the price of Dogecoin in the past. Last week, the business magnate responded to a meme photo posted by a DOGE graphics designer which had a picture of the chief executive in a hard hat working in what appeared to be a mine, which at the time caused DOGE to temporarily spike 5%.
In his message, the graphic designer offered up payment in DOGE for anyone who could provide evidence toward the rumor that Musk once owned an emerald mine.
Musk also chimed in, adding that he would also pay anyone who could procure such evidence 1 million DOGE, prompting the rise in DOGE.
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