SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of next year, with Elon Musk’s commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment. “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.
“We’re excited to launch DOGE-1 to the Moon!”, SpaceX Vice President of Commercial Sales Tom Ochinero was quoted as saying in the statement released by Geometric Energy. “This mission will demonstrate the application of cryptocurrency beyond Earthorbit and set the foundation for interplanetary commerce”
This was indicated by Musk himself on April when he said SpaceX was going to put a “literal Dogecoin on the literal moon” according to Reuters. In the early US hours on Sunday of the value of dogecoin sharply dropped, after 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 $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.
However, during this run, the market capitalisation of DOGE went up to whopping $86 billion. The company left a number of high-profile companies behind in terms of value. Interestingly, this includes Elon Musk’s own aerospace company SpaceX. The estimated valuation of Elon Musk’s privately held rocket company is $74 billion, according to recent SEC filings.
Dogecoin began as internet joke since Musk believes cryptocurrency to be the “future of currency” he turned the once-obscure digital currency into a speculator’s dream. The Tesla Inc chief will soon accept it as payment for the electric cars in a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.
It’s ironical and incredible at the same time that it is Musk who has helped Dogecoin reached record heights. The Tesla chief had last week hinted that he would make reference to the cryptocurrency during his upcoming appearance on Saturday Night Live, tweeting: “The Dogefather SNL May 8”.
Dogecoin price in India and other parts has been going up since then. It is expected to get a further boost when Musk actually appears on the show. However, the change in value depends entirely on what Musk goes on to say during his SNL appearance.