Dogecoin Surges 28% in Active Addresses Amid Intensifying SpaceX IPO Speculation

Dogecoin network activity has surged dramatically, with active addresses jumping 28% from 57,000 to 73,000 as SpaceX IPO rumors intensify. Market analyst Ali Martinez warns this spike, while signaling potential broader adoption, may precede a sharp correction as speculative positioning accelerates. The surge indicates heightened wallet engagement and accumulating positions, creating volatile sentiment conditions that could trigger a rapid 10% pullback if hype-driven inflows reverse.

Market data shows Dogecoin’s current price movements are forming a descending triangle

Martinez showed that Dogecoin’s trading range is consistently shrinking toward a focal point, with an anticipated move of 29% once the current trendline breaks. Most market commentary has largely resonated with this view. Usually, descending triangles tend to favor a more downside move; not all patterns follow through. In this case, DOGE remains above key support as traders await a clear signal.

At the moment, the Relative Strength Index (RSI) is 34, close to the typical threshold that triggers so-called ‘oversold’ alerts by technical analysts. But the Moving Average Convergence Divergence (MACD) is also losing momentum, hinting that selling pressure might be decreasing.

Increased active addresses have in the past been in connection with accumulation cycles. If the network’s engagement continues to rise and prices remain low, then the analysts will likely classify the period as an accumulation phase rather than an inertia phase.

Currently, Dogecoin remains range-bound between $0.089 and $0.091, with a primary resistance target at $0.10. If it can rise above $0.10, analysts suggest it may soon surpass targets at $0.105 and $0.12.

SpaceX is reportedly pursuing an IPO to raise $75 billion

SpaceX plans to raise $75 billion in an IPO to boost its valuation. According to sources close to the matter, SpaceX could raise more than 20% of its IPO shares from retail investors and possibly set a new record for the largest market cap on record if the firm gets the $75 billion.

Moreover, the entity would go to market with unit-class equity for filing purposes, so SpaceX could retain most of its insiders, including Elon Musk, as the majority shareholders.

In response to the reports, some analysts believe it’s highly likely that the company is still aiming for a June listing. Earlier in March, CEO Elon Musk had also stated the firm is pursuing a valuation of $1.75 trillion.

Meanwhile, there had been earlier speculation that SpaceX might merge with Tesla Inc. However, some have argued that integrating SpaceX into Tesla would likely inflate the share count, ultimately reducing the value of current holdings for EV investors.

Still, Wedbush analyst Dan Ives recently reiterated his forecast that the two companies will merge in 2027. According to him, the foundation for a combined company is currently being established as the business links between the firms grow stronger.

He attributed his prediction to the latest announcement of a joint Terafab facility in Austin, Texas. Two state-of-the-art chip factories would be built at the site—one for Tesla’s vehicle and robot AI, the other for SpaceX’s space data center initiatives. Terafab, Ives noted, marks the first move toward fully merging operations between the firms.

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