Elon Musk announces that SpaceX will accept dogecoin to launch DOGE-1 satellite | Finances

Born as a joke, dogecoin (DOGE) is becoming more and more serious. Elon Musk, the CEO of SpaceX and Tesla, is partly responsible for the huge appreciation of his favorite cryptocurrency since the beginning of the year. Now, the billionaire has announced that he will literally take the meme-based digital currency to the moon next to the DOGE-1 satellite in the first quarter of 2022.

Elon Musk has already suggested taking dogecoin to the Moon when he published an illustration at the end of February (Image: Reproduction / Twitter)

DOGE literally goes to the Moon

In a tweet this past Sunday (09), Musk revealed that SpaceX will launch the DOGE-1 satellite to the Moon in 2022 on a fully paid dogecoin mission. He further said that the cryptocurrency and the meme behind it will become the first to go into space. Yes, it all seems very confusing, but this is not just another billionaire joke.

In a press release, Geometric Energy Corporation (GEC) officially announced the partnership with the space company Musk. “The DOGE-1 moon mission, the first commercial operation of its kind to be paid for entirely with DOGE, will be sent aboard a SpaceX Falcon 9 rocket,” said the renewable energy company. No figures have yet been released.

It seems that the jokes Musk had been making on Twitter came true: Dogecoin really goes to the Moon when it is used to fully finance a space mission. In addition, the name of the satellite to be launched is a direct reference to the digital currency based on a Shiba Inu dog meme.

The DOGE-1 mission will be managed by Geometric Space Corporation (GSC), the GEC space department, in collaboration with SpaceX to launch a 40 kg satellite aboard the Falcon 9 rocket in the first quarter of 2022. The objective of the mission is “Obtain lunar spatial intelligence with sensors, cameras, integrated communications and computer systems”.

Mission matures dogecoin for large transactions

Geometric Energy CEO Samuel Reid said in the statement that with a negotiation of this magnitude being officially carried out on dogecoin, “Geometric Energy Corporation and SpaceX have solidified DOGE as a currency for lunar space businesses”.

“This mission will demonstrate the application of cryptocurrency beyond Earth’s orbit and will lay the foundation for interplanetary trade,” said Tom Ochinero, vice president of commercial sales at SpaceX. “We are excited to launch DOGE-1 to the Moon!”

Geometric Space Corporation also noted that dogecoin has proven to be fast, reliable and cryptographically secure as a digital currency. “It is sophisticated enough to fully finance a commercial mission to the Moon,” said the company. According to the statement, cryptocurrency was chosen as the only exchange currency to be used in all deals between SpaceX and GEC, setting precedents for possible new missions to the Moon and Mars in the future.

But, after all, why dogecoin?

Essentially, it is a normal space mission, with no major differences compared to others carried out by SpaceX in the past. A satellite will be taken aboard a rocket and launched into Earth’s orbit. Dogecoin, in fact, comes more as a marketing and dissemination tool, since the digital currency does not have any differential that makes it suitable for financing space operations. Ether (ETH) or bitcoin (BTC) could be more logical options.

There is also the possibility that both companies want to profit by fueling the euphoria about dogecoin. Apparently, Geometric Space Corporation already has a reasonable amount of the meme cryptocurrency to announce the funding of a space mission, while SpaceX will be paid in full in DOGE. If a simple tweet by Elon Musk manages to make the price of the digital currency skyrocket, imagine launching a satellite.

DOGE sets record before program with Elon Musk

In a long-awaited appearance on the popular American comedy show Saturday Night Live, Elon Musk contributed to dogecoin reaching new price records. The cryptocurrency was traded for $ 0.74 on Saturday (08), according to the index CoinDesk, right before the billionaire goes on television.

There was much expectation that Musk’s participation would make the DOGE price take off. He even called himself “Dogefather” on Twitter when he announced last week that he would be presenting the comedy show. Dogecoin was expected to be covered on television, which it did.

Many digital currency enthusiasts started buying DOGE before last Saturday’s episode, one of the factors that has driven its price up consistently over the past week. Some references to dogecoin emerged during the program.

Musk personified the character Lloyd Ostertag, a fictional cryptocurrency expert, and explained in detail what DOGE is during the episode. Tesla’s CEO also brought his mother to the stage, who soon launched a joke involving digital currency: “I’m excited for my Mother’s Day gift. I just hope it’s not dogecoin, ”said Maye Musk.

Doegcoin plummets after Musk’s participation

Contrary to what many believed, Elon Musk’s appearance on Saturday Night Live did not drive the price of cryptocurrency. The expectation for his participation really encouraged the purchase of dogecoin, but after the digital currency reached a new record on Saturday afternoon, a wave of sales took over the market and its price plummeted to a minimum of $ 0.41 on Sunday .

It was the announcement of the DOGE-1 space mission that caused the cryptocurrency to partially recover and return to the $ 0.50 mark. However, dogecoin has been operating in a downward trend this Monday (10).

With information: CNBC, CNN

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