Elon Musk’s SpaceX has just accepted Dogecoin as a form of payment to fund a mission sending the DOGE-1 satellite to the Moon.
DOGE-1 is a cube equipped with cameras and sensors designed to collect lunar space data. It’s being launched and paid for by a company called Geometric Energy Corporation. The satellite will ride a Falcon 9 rocket to the Moon in early 2022.
Dogecoin started as a joke cryptocurrency based on the Shiba Inu dog meme. Recently, its value skyrocketed as individual investors believed Elon Musk’s support would keep it rising. However, after Musk’s appearance on Saturday Night Live last weekend, Dogecoin’s price dropped by nearly 30%.
Despite that big disappointment, individual investors are finally seeing “Dogecoin to the Moon” in the literal sense. The DOGE-1 satellite will be launched by Musk’s SpaceX, with all costs paid in Dogecoin.
Elon Musk tweeted: “Mission paid for in Dogecoin. First crypto to fly to space. First meme to fly to space.”
The CEO of Geometric Energy Corporation said Dogecoin will be used for all business transactions between the two companies. So if all goes as planned, Dogecoin will literally help send the DOGE-1 satellite to the Moon.
However, experts warn that investing in Dogecoin carries significant risks.
Source: The Verge
