Elon Musk hints at DOGE moon mission with SpaceX, but DOGE and SHIB drop 5%. DOGE briefly rallied 4% on Tuesday.

The CEO of SpaceX, Elon Musk, hinted that there is a possibility that Dogecoin (DOGE) could be placed on the moon next year, leading to a temporary increase in value on Tuesday. However, this initial excitement was short-lived as DOGE and Shiba Inu (SHIB) experienced a 5% drop in value during the day. This announcement came after Musk revisited a post from 2021 where he mentioned placing Dogecoin on the moon. When asked about the timeline for this plan, Musk responded with "maybe next year" and confirmed its inevitability when another user commented similarly. Initially, DOGE saw a 4% surge in early Tuesday trading, surpassing the performance of Bitcoin (BTC) and Ethereum (ETH). Despite this, the gains were quickly reversed as the broader cryptocurrency market faced challenges.