Elon Musk-run SpaceX is now accepting the new cryptocurrency Dogecoin to launch its upcoming satellite to the moon. As per agency reports, the development comes as SpaceX announced its plans to launch the "DOGE-1 Mission to the Moon" in the first quarter of next year.
"SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space", Musk tweeted. Earlier, Geometric Energy Corporation announced the dogecoin-funded mission earlier on Sunday, with SpaceX Vice President Tom Ochinero stating that the “mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
While the application of the meme-inspired cryptocurrency dogecoin for the space mission is noteworthy it is not surprising given the role Elon Musk has played in the rise and fall of the fortunes of the cryptocurrency.
Earlier in the year, Musk's tweets 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 percent over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday above $0.73, reported Reuters.
However, the cryptocurrency saw its value coming crashing down on Sunday after Musk called it a 'hustle' during a TV show.
Similarly, another cryptocurrency bitcoin saw its value soaring to a record high after electric carmaker Tesla Inc, where Musk is CEO, said in February that it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for its electric cars.
-with agency inputs
First Published: IST