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Dogecoin market capitalization had surged $2.8 billion since Feb. 23, when a SpaceX rocket powered the first US moon landing in 50 years. 
Memecoin markets have been on a tear over the past week, with <a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noreferrer noopener">DOGE</a> joining the likes of <a href="https://crypto.news/price/PEPE" target="_blank" rel="noreferrer noopener">PEPE</a> and <a href="https://crypto.news/price/BONK" target="_blank" rel="noreferrer noopener">BONK</a> on the list of crypto’s top gainers. Market trends highlight how Elon Musk’s SpaceX role in a recent landmark moon landing mission may have propelled Dogecoin prices.&nbsp; 
<h3 class="wp-block-heading" id="dogecoin-market-valuation-up-2-8-billion-since-moon-landing">Dogecoin market valuation up $2.8 billion since moon landing </h3> 
On Feb. 23, Intuitive Machines Odysseus lunar lander, powered by a SpaceX rocket, became the first American spacecraft to land on the moon since Apollo 17 in 1972. Elon Musk’s connection to the Dogecoin community has been well publicized recently.&nbsp; 
DOGE entered a remarkable price uptrend shortly after the successful moon landing news broke.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="682" src="https://crypto.news/app/uploads/2024/02/image-83.png" alt="Dogecoin (DOGE) price action since Odysseus Moon Landing Feb. 23 - Feb. 28" class="wp-image-14253410">
 <figcaption class="wp-element-caption">
 Dogecoin (DOGE) price action since Odysseus Moon Landing Feb. 23 – Feb. 28 | Source: <a href="https://www.tradingview.com/x/gU2QpT0C/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
At press time on Feb. 28, market data shows that DOGE price has jumped by 21.7%, representing a $2.8 billion surge in market capitalization since the Feb. 23 event.&nbsp; 
Other top-ranked memecoins like BONK, PEPE, and Shiba Inu (<a href="https://crypto.news/price/SHIB" data-type="link" data-id="https://crypto.news/price/SHIB" target="_blank" rel="noreferrer noopener">SHIB</a>) have also recorded sizable gains during that period. However, Dogecoin’s market capitalization growth is significantly higher than its rival meme tokens.&nbsp; 
Dogecoin has received significantly more capital inflows in the past week, and Elon Musk’s SpaceX’s role in the moon landing may have been pivotal.&nbsp;Given the timing and historical trends between Dogecoin and bullish events surrounding Elon Musk’s affiliated companies, more bullish price action could follow.&nbsp; 
<h2 class="wp-block-heading" id="doge-bears-at-risk-of-a-potential-short-squeeze">DOGE bears at risk of a potential short squeeze&nbsp;</h2> 
Since the rally began on Feb. 23, DOGE price has been on a relentless rally, clearing the $0.10 mark for the first time in 2024. After five days on the uptrend, events unfolding in the derivatives markets provide fresh insights that the bears could be at risk of a significant short squeeze.&nbsp; 
The CoinGlass Liquidations chart depicts the value of futures contracts positions forcibly closed or liquidated within a 24-hour. By observing the frequency and magnitude of liquidations, traders can infer the direction and degree of swings in market sentiment.&nbsp; 
On Feb. 27, DOGE short traders suffered $4.3 million in liquidations, the highest losses for the bears since Dec. 6. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="453" src="https://crypto.news/app/uploads/2024/02/image-81.png" alt="Dogecoin (DOGE) Total Liquidations Chart vs. Price" class="wp-image-14253408">
 <figcaption class="wp-element-caption">
 Dogecoin (DOGE) Total Liquidations Chart vs. Price | Source: <a href="https://www.coinglass.com/currencies/DOGE" target="_blank" rel="noreferrer noopener">CoinGlass</a>
 </figcaption>
</figure> 
Historically, a dramatic surge in short liquidations is often an early sign of a potential short squeeze, propelling prices higher.&nbsp; A short squeeze is a rare market situation where many short traders make frantic purchases to avoid margin calls and cover their short positions.&nbsp; 
The rush to buy can amplify the price increase, leading to a cascade of short covering and further price appreciation.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="669" src="https://crypto.news/app/uploads/2024/02/image-82.png" alt="Dogecoin (DOGE) price action Dec. 6 to Dec. 11 2023 " class="wp-image-14253409">
 <figcaption class="wp-element-caption">
 Dogecoin (DOGE) price action Dec. 6 to Dec. 11, 2023 | Source: <a href="http://tradingview.com" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
High levels of liquidations may indicate excessive leverage among traders and susceptibility to intense price swings. 
This phenomenon was observed the last time DOGE short traders recorded liquidations greater than $4 million. When $5.3 million shorts were liquidated on Dec. 6,&nbsp; Dogecoin price rapidly rose another 13% to a new yearly peak of $0.11 within the next 5 trading days.&nbsp; 
In summary, bullish headwinds from SpaceX’s role in the latest moon landing and frantic purchases from futures traders scrambling to avert margin calls could form a significant catalyst for another DOGE price upswing in the days ahead.&nbsp; 
<h2 class="wp-block-heading" id="doge-price-forecast-breaking-0-10-could-trigger-bigger-gains">DOGE price forecast: Breaking $0.10 could trigger bigger gains</h2> 
Based on the prevailing derivative market trends, DOGE’s price appears poised for another leg-up toward $0.15. The Bollinger bands technical indicator further affirms this bullish DOGE price prediction.&nbsp; 
With DOGE’s price currently at $0.098, the upper Bollinger band has formed an upward slope. Traders often interpret this as a bullish signal, indicating that the uptrend will likely strengthen further.&nbsp; 
However, bullish investors might encounter resistance around the psychological barrier of $0.1 in the near term. Nevertheless, if bears anticipate short-covering purchases persist, another upsurge toward the $0.15 mark is possible. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="682" src="https://crypto.news/app/uploads/2024/02/image-84.png" alt="Dogecoin (DOGE) Price Prediction " class="wp-image-14253411">
 <figcaption class="wp-element-caption">
 Dogecoin (DOGE) Price Prediction | Source: <a href="http://tradingview.com" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
On the downside, the reversal below $0.085 could put the bears back in the driving seat. However, as depicted by the 20-day SMA, the bulls will likely mount a major support buy-wall at the $0.086 area.

Dogecoin surges $2.8b as SpaceX rocket powers 1st moon landing in 50 years

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