Dogecoin had an exciting weekend, in large part thanks to Elon Musk.
It appears that Musk will quite literally, take Dogecoin to the moon. In a tweet on Sunday, the Tesla CEO said that one of his other private companies, SpaceX, will be launching a satellite called Doge-1 on a mission to the moon next year, which will be paid for entirely with Dogecoin.
Geometric Energy Corporation (GEC), a Canada-based technology company on Sunday confirmed Musk’s latest news, announcing that it will be teaming up with SpaceX to affix a 90-pound satellite on a Falcon 9 moon mission. Indeed, the project does not appear to be a joke, and is slated to commence sometime in the first quarter of 2022.
The objective of the mission is to collect lunar-spatial intelligence using cameras and sensors, and will be funded with Dogecoin. “Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business,” said GEC chief executive Samuel Reid. According to SpaceX vice president of commercial sales Tom Ochinero, the mission will set a precedent for the use of cryptocurrencies “beyond Earth orbit and set the foundation for interplanetary commerce.”
The latest announcement came the day after Musk’s Saturday Night Live appearance, where he made several mentions of Dogecoin, even referring to the meme digital currency as “a hustle.” Despite his comments, the digital token suffered a nosedive during the show, as the price fell by almost one-third. In fact, Dogecoin was so volatile on Saturday, that users of the Robinhood trading app experienced delays in order status updates. Despite this, the cryptocurrency still remains over 10,000% higher since the beginning of the year.
Information for this briefing was found via GEC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.