Tesla and SpaceX CEO Elon Musk said he plans to launch the Doge-1 satellite in the first quarter of 2022. This project is fully funded with Dogecoin, which, according to Musk, makes it the first cryptocurrency and the first meme in space.
This is due to the negative market reaction to Musk’s SNL appearance over the weekend in which he mentioned Dogecoin several times. In addition, short sellers come from the woodworks and the immediate prospects for DOGE are uncertain.
SpaceX will launch the Doge-1 satellite to the moon next year
– Mission paid in Doge
– 1. Crypto in space
– 1st meme in space
To the mooooonnn !! https: //t.co/xXfjGZVeUW
– Elon Musk (@elonmusk) May 9, 2021
Musk isn’t done with Dogecoin
In the run-up to last weekend’s SNL show, Musk Dogecoin was supposed to mention what he did during his opening monologue and again during a Q&A that labeled it “hectic”. However, the markets responded with a sell-off, fueling the price up to 30% at one point.
DOGE has seen some kind of recovery since then. But it’s still around 20% less than the local weekend high of $ 0.74.
Source: DOGEUSD on TradingView.com
That didn’t dampen Musk’s craze for Dogecoin, however. Back in April, he mentioned that SpaceX would put a “literal Dogecoin on the literal moon”. Late on Sunday evening he repeated these plans in a tweet and accompanied his message with the “official” Dogecoin song.
The SpaceX Doge-1 lunar mission is carried out in collaboration with Geometric Energy Corporation. At the beginning of next year, a 40 kg satellite launch will take place as a ride on the Falcon 9 lunar mission. The company intends to monitor the moon’s spatial intelligence using cameras and sensors on board the satellite.
Samuel Reid, CEO of Geometric Energy, said Dogecoin has “solidified” as the currency of choice for space travel. Its speed, reliability, and safety make it challenging enough to finance commercial lunar projects.
“After Geometric Energy Corporation and SpaceX officially closed a deal of this magnitude with DOGE, they consolidated DOGE as the unit of account for the lunar business in the space sector.”
DCG short sale DOGE
Dogecoin’s amazing performance this year has divided the cryptocurrency community. While the pro-DOGE believers claim it is the people’s cryptocurrency, the skeptics point to a lack of fundamentals and development.
The latter group warns that DOGE’s position is unsustainable and could even lead to a crypto clampdown by the authorities in the event of a significant sell-off.
Digital Currency Group (DCG) founder Barry Silbert announced that his company had opened a $ 1 million short position and had bet that DOGE price will go down.
“OK $ DOGE look it was fun. Welcome to Crypto! But it’s time you converted your DOGE to BTC“
To enable this trade, Silbert used a margin token called DOGEBEAR, which is available on the FTX crypto derivatives exchange.
At this point, Dogecoin has emerged as a cultural phenomenon that the cryptocurrency space desperately needs. But should the rest of us take this as a sign of what will come when DCG runs out?