In a recently published article in The Economic Times, Elon Musk announced through his social media account that its SpaceX would be funded by the cryptocurrency Dogecoin. It will be the first commercial lunar payload in history.
According to a published article in PRNewswire, in the first quarter of 2022, the 40-kilogram cubesat will be deployed as rideshare on a Falcon 9 lunar payload flight.
SpaceX Vice President of Commercial Sales, Tom Ochinero, said, "This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We're excited to launch DOGE-1 to the Moon," as reported by MarketWatch.
Read Also: 60 New SpaceX Starlink Satellites Aboard Into Orbit as Over 500,000 People Order Internet Service
Effect of the Announcement of SpaceX
The announcement of Elon Musk and SpaceX that its mission will be funded by the cryptocurrency Dogecoin will have a significant effect on the trading. According to a recently published article in Engadget, its price is expected to spike in the coming days.
Despite its rising success, Dogecoin's trade plummeted after Musk referred to the cryptocurrency as "hustle" moments after referring to it as "an unstoppable financial vehicle that's going to take over the world" throughout his time hosting the Saturday Night Live.
Dogecoin was quoted as low as $0.416 on cryptocurrency exchange Binance on Sunday, down from about $0.65 before Musk's remarks during Saturday night's display. However, the announcement of Elon Musk and SpaceX today will have a huge impact on the trading.
Cryptocurrencies Have Been Widely Used as Payments
Cryptocurrencies are gradually being adopted as payment methods by both public and private institutions. Bitcoin, the most common blockchain, which surpassed a $1 trillion market cap in February, is embraced by several major corporations, including Microsoft, Home Depot, and Starbucks.
Governments are also interested in cryptocurrencies, with Miami establishing a committee to research cryptocurrency for municipal services.
In February, Mayor Francis Suarez said that he had been a crypto guy since the beginning, and he believes in the sort of underpinnings of it, the mathematics behind it. He added that he is fascinated by the way that it came about.
Dogecoin, the cryptocurrency that began as a joke built on the "doge" meme and was once traded at a fraction of a penny per token on cryptocurrency exchanges, has soared in popularity due to its viral appeal. Musk, the founder and chief designer of SpaceX, has been a vocal supporter of Dogecoin, referring to it as "the people's crypto."
Geometric Energy Corporation
Geometric Energy's Chief Executive Officer Samuel Reid said that having officially 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.
It is the first time that Doge, a token created in 2013 as a joke, would be used for anything other than tipping and collecting small sums of money.
