Elon Musk’s SpaceX says it will accept Dogecoin cryptocurrency as payment to launch a ‘DOGE-1 mission to the Moon’ next year
- Elon Musk described Dogecoin as a ‘hustle’ when he was on Saturday Night Live
- The meme-inspired cryptocurrency launched in 2013 as a ‘fun payment system’
- Musk owned SpaceX has accepted DOGE as payment for a moon satellite
- Canadian firm Canada’s Geometric Energy Corporation paid for the satellite
- It will launch in the first quarter of 2022 on top of a SpaceX Falcon 9 rocket
Elon Musk says SpaceX has accepted payment in the Dogecoin cryptocurrency to put a small satellite in lunar orbit early next year.
The ‘DOGE-1 Mission to the Moon’ will see a 40kg (88lb) ‘cubesat’ satellite built by Canada’s Geometric Energy Corporation launch on top of a SpaceX Falcon 9 rocket.
‘SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space’, Musk said in a tweet he posted Sunday.
The firm described it as a mission to demonstrate the application of cryptocurrency beyond Earth orbit and ‘set the foundation for interplanetary commerce.’
Doge was launched as a ‘fun payment system’ free from traditional banking fees seven years ago, inspired by the Shiba Inu dog who found fame as the popular internet ‘Doge’ meme.
The actual cost of the mission hasn’t been disclosed by either firm, but could be affected by the recent drop in value for the meme cryptocurrency.
Dogecoin lost more than a third of its price on Sunday, after Musk called it a ‘hustle’ during his guest-host spot on the ‘Saturday Night Live’ comedy sketch TV show.
Dogecoin lost more than a third of its price on Sunday, after Musk called it a ‘hustle’ during his guest-host spot on the ‘Saturday Night Live’ comedy sketch TV show
‘SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space’, Musk said in a tweet
WHAT IS DOGECOIN?
The cryptocurrency Dogecoin was launched in 2013 as a ‘fun payment system’ with no banking fees.
A light hearted alternative to Bitcoin, it was inspired by the Shiba Inu dog from the Doge meme popular at the time.
It was created by IBM engineer Billy Markus and Adobe engineer Jackson Palmer with the aim of reaching a broader demographic than Bitcoin.
SpaceX founder Elon Musk has become a major supporter of the cryptocurrency and his firm SpaceX sold a space launch funded by DOGE.
But the next day Musk appeared to back it once again with his tweet unveiling the planned moon mission.
The cubesat, the first-ever commercial lunar payload in history paid for entirely with DOGE, will launch on a Falcon 9 rideshare mission in the first quarter of 2022.
Musk’s tweets this year turned the once-obscure digital currency, which began as a social media joke, into a speculator’s dream.
On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800 per cent over the last month and is now the fourth-largest digital currency.
Geometric Energy Corporation said when in orbits around the moon, the satellite will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.
Lunar-spatial intelligence is the collection of intelligence data on activity in orbit between the Earth and the moon, as well as eventually on the surface of the moon.
Described by Airforce Magazine as a potentially important utility for the new space age, as more spacecraft operate towards the moon and beyond.
‘Having 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 in the space sector,’ said Geometric Energy’s Chief Executive Officer Samuel Reid.
The Doge-funded satellite will launch for the moon on top of a SpaceX Falcon 9 rideshare mission early in 2022
The firm said that through this transaction DOGE has ‘proven to be a fast, reliable and crytographically secure digital currency’.
They say it is useful when traditional banks cannot and ‘is sophisticated enough to finance a commercial Moon mission in full.
According to SpaceX, DOGE will act as the main unit of lunar currency for all business between the two firms and set a precedent for future missions.
On April 1, 2021 Elon Musk tweeted ‘SpaceX is going to put a literal Dogecoin on the literal moon.’ The message was thought to be an April fool, but may have referred to the newly-announced deal.
Doge was launched as a ‘fun payment system’ free from traditional banking fees seven years ago, inspired by the Shiba Inu dog from the ‘Doge’ meme
Dogecoin lost more than a third of its price on Sunday, after Musk called it a ‘hustle’ during his guest-host spot on the ‘Saturday Night Live’ comedy sketch TV show.
On April 1, 2021 Elon Musk tweeted ‘SpaceX is going to put a literal Dogecoin on the literal moon.’ The apparent April fool is now being taken more seriously
As well as the software and sensors on the satellite, additional payload space will be allocated to include digital art in the form of space plaques provided by GeometricLabs Corporation and Geometric Gaming Corporation.
Electric carmaker Tesla Inc, where Musk is CEO, said in February it bought $1.5 billion worth of Bitcoin and would soon accept it as a form of payment for its electric cars.
This was a large stride toward mainstream acceptance that sent Bitcoin soaring to a record high of nearly $62,000 and helped establish it as a working currency.
Dogecoin loses third of price after Elon Musk calls it a ‘hustle’ on ‘SNL’
Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.
Dogecoin was quoted as low as $0.416 on crypto exchange Binance, down 36% from levels around $0.65 before the show. It retraced some of that move later on Sunday, and was last trading around $0.569.
The billionaire Tesla Inc chief executive hosted the SNL show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).
Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency, which began as a social media joke, into a speculator’s dream.
Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”
When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle,” and laughed.
Musk is the rare business mogul to have been asked to host the venerable comedy TV show.
His appearance on the iconic late night show puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.
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