To the Moon: Dogecoin into Space
It launched as a meme coin with the slogan "to the moon". Dogecoin could now be heading into space for real.
DOGE-1, a 40-kilogram cube satellite that will fly as a payload on a Falcon 9 rocket, was unveiled on Sunday by Geometric Energy Corporation.
DOGE-1 is a satellite that will be launched on a SpaceX Falcon 9 rocket and will circle the moon to "collect lunar-spatial intelligence via onboard sensors and cameras with integrated communications and computing capabilities."
According to the news statement, Dogecoin is advanced enough to fund a commercial moon expedition fully and will be used for all lunar transactions between the two firms.
This expedition will demonstrate the usage of cryptocurrencies in space and build the framework for interplanetary commerce, according to SpaceX Vice President of Commercial Sales Tom Ochinero in a statement published by Geometric Energy.
Social Media Hints
There was a lot of "moon Dogecoin" chatter after hints on social media.
The journey, scheduled for the first quarter of 2022, follows Elon Musk's 1 April statement pledging to place Dogecoin "on the literal moon". Not everyone initially took it seriously as he tweeted about it on April Fool's Day. Musk added, "SpaceX is going to put a literal Dogecoin on the literal moon." In cryptocurrency parlance, this is known as "shilling" – the practice of constantly promoting a specific coin to increase its price. He said that the expedition would be paid for in DOGE and that it would be the "first crypto in space". However, the quantity of Dogecoin involved in the transaction with SpaceX was not revealed.
Musk Refers to Dogecoin as a 'Hustle'
It happened when the price of Dogecoin fell further after the technology mogul claimed on television that it was a "hustle." On Sunday, Dogecoin dropped more than a third of its value when Mr. Musk referred to it as a "hustle" while presenting the Saturday Night Live comedy sketch television show. Mr. Musk's recent comments on the voyage to the moon have aided in transforming the once-obscure digital currency into the world's fourth-largest cryptocurrency.
According to cryptocurrency data tracker CoinGecko.com, it has increased by more than 800% in the previous month, with a total market value of more than $70 billion. In May 2018, Musk told reporters, "It's intended to do 10 or more flights with no refurbishment between each trip.
"We believe the [Falcon 9] boosters can fly at least 100 times before being decommissioned."
However, the moon Dogecoin mission is still taking shape, and it is presently planned to be orbital.
According to a Geometric news statement, the mission will launch an 88-pound (40-kilogram) CubeSat (appropriately named Doge-1) on a mission to acquire "lunar-spatial intelligence... with integrated communications and computational capabilities." The cargo will also include video surveillance, the specifics of which are unknown. It is likely to include sensors and cameras.
In the opinion of Geometric CEO Samuel Reid, the transaction solidified DOGE as a unit of account for lunar business in the space industry. The organisation also promised to do all future missions in Dogecoin, citing rewards such as its security and the ability to conduct transactions even after business hours.
A Difficult Week for DOGE
Despite all the wonderful news and enthusiasm, Dogecoin has had a difficult week. Its value has fluctuated for various causes, but Elon Musk has been at the centre of it all. Overall, the cryptocurrency has returned about 10,000% this month and rebounded late Sunday evening after a huge drop on Saturday following Musk's SNL appearance.
Dogecoin's position in terms of real-world utility has recently solidified. AMC Theatres in North America confirmed last month that crypto payments could be made using Dogecoin.
The ascension of Dogecoin to the moon will mark a new milestone in the crypto realm. SpaceX, as a pioneer in private space exploration, is continuously creating precedents for humanity's future in space, whether purposefully or unintentionally.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.