Major Setback at Elon Musk’s Company: Dogecoin Experienced Simultaneous Decline, Is This the Reason For the Fall?

American spacecraft manufacturer SpaceX experienced a major mishap during the first flight test of its fully integrated Starship and Super Heavy rocket from its Starbase base in Texas.

The company lost contact with the Starship booster and the vehicle is presumed to have malfunctioned during flight.

Starship and booster rocket had successfully completed thermal separation. However, contact with the Starship was then lost and the booster rocket exploded on its way back. The Starship veered off course, triggering the automatic aircraft termination system.

This event immediately resonated in the cryptocurrency market, with Dogecoin (DOGE) losing more than 5% in just one hour. DOGE price dropped from $0.85 to approximately $0.80 following the incident.

The loss of Starship poses a significant inconvenience for SpaceX, a company that has devoted several years to the development of this rocket. Despite the setbacks, the initiative also achieved certain milestones.

According to SpaceX’s website, the Starship spacecraft and Super Heavy rocket are collectively referred to as Starship and represent a fully reusable transportation system designed to carry both crew and cargo to Earth orbit, the Moon, Mars and beyond.

“Starship gave us quite a demonstration during today’s first flight test of its fully integrated Starship and Super Heavy rocket from Starbase in Texas,” SpaceX said in a statement on its website. The company emphasized that success comes from learning, and that they have gained a tremendous amount of knowledge about vehicles and ground systems that will help improve Starship’s future flights.

*This is not investment advice.