Elon Musk announced a few days ago that SpaceX will launch the Doge-1 satellite, driving up the price of Dogecoin.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
On Saturday, 8 May, the Saturday Night Live show hosted by Elon Musk aired, during which the CEO of Tesla spoke at length about this crypto.
Thanks to this news, the price of Dogecoin hit an all-time high of $0.73 about 12 hours before the show. However, during the broadcast, a sketch was aired in which Elon Musk played the role of the “Dogefather”, or fake financial expert Lloyd Ostertag, during which he called Dogecoin a “hustle”.
The price of Dogecoin
The price of Dogecoin actually already started to fall a few minutes before the start of the broadcast, and when it ended, it had lost almost 25% in about 3 hours.
The next day, the price had dropped further, to $0.43, but then it had risen again to $0.49.
However, after Elon Musk’s new tweet announcing the Doge-1 mission, it went back up to $0.52, and then even to $0.58.
Now it seems to have settled back between $0.53 and $0.54, but it still looks very volatile.
The Doge-1 mission announced by Musk is actually an autonomous initiative of the private Canadian company Geometric Energy Corporation (GEC), which announced that it had bought from SpaceX the service of pruning one of its satellites made up of a 40 kg cube on board a Falcon 9 rocket.
The service was paid for entirely with DOGE, and the launch will take place in the first quarter of 2022. This mission has been named Doge-1, and Geometric Energy CEO Samuel Reid said:
“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”.
Vice President of Sales Tom Ochinero, added:
“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!”
Geometric Energy Corporation also states that DOGE has been chosen as the unit of account for all lunar deals with SpaceX, setting a precedent for future missions to the Moon and Mars.