Elon Musk Sparks New Interest in Dogecoin: 'It's Time!'

Elon Musk has reignited the conversation around Dogecoin (DOGE), declaring that "it’s time" in a recent social media post. On November 3, the CEO of SpaceX and Tesla shared a brief yet impactful update on X, simply stating: "It’s time." This statement was in response to a tweet from a member of the Dogecoin community, DogeDesigner (@cb_doge), who had shared a screenshot of Musk's widely circulated promise from April 2021, where he proclaimed that SpaceX would send a literal Dogecoin to the literal moon.

It’s time

— Elon Musk (@elonmusk) November 3, 2025

This latest comment quickly brought back memories of the DOGE-1 mission, which was SpaceX's first payload fully funded with Dogecoin. Announced in 2021, this mission was touted as a groundbreaking achievement for cryptocurrency in the realm of space exploration. At that time, Musk's tweets could send DOGE prices soaring within minutes, with his messages from May 9-10, 2021, marking a pivotal moment when Dogecoin burst into the public consciousness as a cultural and market phenomenon.

However, the impact of Musk's latest remarks was noticeably different this time. As of early November 4, DOGE was trading lower, following the trend seen across the broader cryptocurrency market. Bitcoin and Ethereum also faced declines, highlighting a risk-averse environment that tempered any immediate “Musk effect.”

The prevailing market conditions shed light on this muted response. November began under pressure, following a tumultuous October, with Bitcoin experiencing a decline of approximately 2-3% in just 24 hours, while many significant altcoins suffered even greater losses. Traders were grappling with hawkish statements from the Federal Reserve and a shaky risk sentiment, leading to increased liquidations and diminished momentum. In this context, even a meme-laden tweet from Musk was insufficient to counterbalance the dominating bearish sentiment.

Back in May 2021, Geometric Energy Corporation (GEC) and SpaceX announced the DOGE-1 mission, a 12U/≈40-kg CubeSat intended to launch as a rideshare payload on a Falcon 9 rocket. This mission was celebrated as the first commercial lunar payload entirely funded by DOGE, with SpaceX executives presenting it as evidence that cryptocurrency could serve as a viable unit of account in space commerce.

According to GEC’s original release and various reports, DOGE-1 is equipped with cameras and sensors designed to gather "lunar-spatial intelligence," featuring integrated communications and onboard computing capabilities.

The key details from the primary sources are clear. In a press release dated May 9, 2021, GEC stated: "DOGE-1 Mission to the Moon—the first-ever commercial lunar payload in history paid entirely with DOGE—will launch aboard a SpaceX Falcon 9 rocket." Tom Ochinero, SpaceX’s VP of Commercial Sales, further emphasized, "This mission will demonstrate the application of cryptocurrency beyond Earth orbit and lay the groundwork for interplanetary commerce." Musk amplified this message on X, stating, "Mission paid for in Doge — 1st crypto in space — 1st meme in space."

Since its announcement, the timeline for DOGE-1 has experienced delays. Initially set for launch in Q1 2022, it remains unlaunched as of 2025. Mission tracking sources categorize the spacecraft as "not launched," with an expected launch date set for 2025, and confirm its status as a Falcon 9 rideshare.

The contrast between the enthusiasm of 2021 and the current sentiment in 2025 is telling. In May 2021, Dogecoin was riding a wave of a risk-on, liquidity-rich environment, with the DOGE-1 narrative being both innovative and self-reinforcing: Musk’s tweets would drive investment flows, which in turn pushed prices higher, creating a feedback loop of rising interest and engagement with the meme coin.

Today, the atmosphere is decidedly different. The market is grappling with broader economic concerns, including inflation and monetary policy uncertainties, which have contributed to a more cautious approach from traders. As a result, the excitement that once accompanied Musk's proclamations about Dogecoin has been overshadowed by a more tempered market response.

While Musk's recent declaration may have stirred nostalgia among Dogecoin enthusiasts, the realities of the current market landscape remind us that even the most influential figures can struggle to sway sentiment in challenging conditions.