Dogecoin Goes Lunar, Funding SpaceX Moon Mission

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In Brief
  • Space X to launch a lunar satellite expedition early next year, crowdfunded with Dogecoin.

  • First space mission to be paid in cryptocurrency.

  • DOGE media frenzy leads to massive price fluctuations.

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Elon Musk’s rocket company, SpaceX, announced the “DOGE-1 Mission to the Moon” to launch in early 2022, This is a mission that Musk plans to fund with his beloved Dogecoin.

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In a statement released on Sunday, Geometric Energy Corporation, a Canadian-based intellectual property manufacturing and logistics firm, confirmed its collaboration with SpaceX to send the first commercial lunar payload to space entirely paid for in cryptocurrency. 

SpaceX is accepting the meme-inspired Dogecoin cryptocurrency to fund the mission. Geometric Energy CEO, Samuel Reid, said that Dogecoin has secured its place as an economic “unit of account for lunar business in the space sector.” The announcement from GEC also boasted Dogecoin’s swift, reliable, and secure transaction experience.

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SpaceX believes that Dogecoin will be a pioneering example of the increasing use cases of cryptocurrencies. SpaceX Vice President of Commercial Sales, Tom Ochinero, commented that the mission has the ability to showcase the use of cryptocurrencies beyond our planet and that it could “set the foundation for interplanetary commerce.”  

Both Musk and Geometric Energy tweeted about the development on Sunday evening. 

DOGE media frenzy 

Dogecoin has made countless headlines in crypto news as of late, driven by its cult following and celebrity enthusiasts. The altcoin has even outpaced ether and bitcoin this year, while also surpassing large financial institutions in value.

However, with all the hype around the digital currency, major price fluctuations and skepticism towards the coin are abound. Prior to Musk’s performance on SNL on May 8, Dogecoin surged as investors stocked up for what they thought would be another pump. However, following his performance, DOGE failed to move higher. Musk made remarks about the coin being a “hustle,” which caused prices to plummet instead.

Alongside the drop in price, DOGE liquidations across exchanges reached a value of $280 million.

In the dawn of the crypto space age, it remains to be seen if this new voyage will help secure Dogecoin’s future as a leader in the digital currency space or if it’s merely part of the pattern of hype and frenzy around the asset.

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Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.

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