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The king of Dogecoin, Elon Musk, revealed that his private rocket company, SpaceX, will be launching a satellite named Doge-1 next year. The mission will officially send the cryptocurrency to the moon, as the satellite heads out of the atmosphere and to the edge of Earth’s orbit.
It may not be what investors had in mind when Musk claimed the crypto coin would go “to the moon” next year, but it does mean the meme coin will not evaporate or fade as the media expected. Musk is known for causing the “joke” crypto to rise and fall at the speed of a tweet, but this time his stunts are going bigger than before.
Investors were anxiously awaiting Elon Musk’s Saturday Night Live appearance, expecting the multi-billionaire and tech mogul to drop a few jokes at the crypto’s expense. Dogecoin fell hard at the start of Saturday Night Live, plummeting from a crisp $0.69 to a disappointing $0.52 within the first 30 minutes.
Wall Street investors sold in bulk, causing prices to succumb to gravity. The price fell below $0.50 by the night’s end, giving those who already bought into the coin a huge scare. Now prices are trekking back up after Musk’s surprise announcement that SpaceX will launch Doge to the moon.
“SpaceX launching satellite Doge-1 to the moon next year,” he tweeted on Sunday night, just one day after his controversial SNL appearance. The mission will be paid for in Doge, marking any cryptocurrency’s first time in space, and funny enough, the first meme in space. He ended his tweet with his famous: “To the mooooonnn!!”
SpaceX launching satellite Doge-1 to the moon next year— Elon Musk (@elonmusk) May 9, 2021
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
Attached to the tweet is a link to the official Dogecoin song, which describes small-time investors’ hopes of the coin rocketing similar to Bitcoin. As Elon has proved time and again, anything is possible.
The mission, which will launch the dogecoin-funded satellite, will take place in the first quarter of 2022. SpaceX will accept Dogecoin as payment, pinning it as one of the largest companies in the world to accept the currency, a huge step forward for what started as a joke.
Doge-1 will carry a 40-kilogram cube satellite on a Falcon 9 rocket. Tom Ochinero, the SpaceX vice president of commercial sales, explained in a statement that the payload “will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”
The complexity of the mission undermines the previous consensus that Musk was playing one big joke on Twitter. In an April Fool’s Day tweet, Musk wrote that “SpaceX is going to put a literal Dogecoin on the literal moon.” At the time, it seemed like Musk was attempting to tweet his way to a $1 Dogecoin. Now investors are shaking their heads – he was for real.
Doge-1 “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” Ochinero explained. “We’re excited to launch Doge-1 to the Moon!”
For a long time investors thought Musk was talking about a soaring price of the cryptocurrency rather than an actual rocket blasting the crypto to space. This new stunt may do both simultaneously.