SpaceX to launch DOGE-1 to the Moon

Elon Musk, the eccentric multi-billionaire, continues his pitch for cryptocurrencies as his company SpaceX announced a new lunar mission with all the commercial transactions being managed through the crypto Doge coin.

SpaceX would be collaborating with Geometric Energy Corporation (GEC) which will launch its payload aboard a SpaceX Falcon 9 Rocket. This mission is expected to be launched in the first quarter of 2022.

Elon has been a long standing supporter of the cryptos though he has been criticised for supporting it only for the commercial aspects rather than helping the crypto/blockchain domain in terms of technology. He has been a  vocal supporter of both bitcoin and doge coin and his support at various points have helped to boost the price of doge coin especially.

The project has been marketed as taking Dogecoin literally to the moon ! So far, there has not been much reaction from the Dogecoin markets though this news seems to have arrested its huge fall in price over the last couple of days.

“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,” said Geometric Energy’s Chief Executive Officer Samuel Reid.

“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” said SpaceX Vice President of Commercial Sales Tom Ochinero. “We’re excited to launch DOGE-1 to the Moon!”

The backers of this mission believe that this would prove that Doge can be used as a fast and reliable digital currency that can be used even for major commercial transactions as opposed to now where the coin is viewed mainly as a meme currency and has failed to acquire any mainstream adoption so far.

SpaceX has been working on various space missions over the last few years fairly successfully and for them, this should be a routine mission but for the crypto world and for doge coin, this could be a huge marketing step forward. It remains to be seen whether this could help doge coin to be accepted as an important crypto currency for digital transactions in the future.

With more and more traders sitting up and taking notice of Doge and with it gaining 10X in price over the last month or so, it is going to be exciting times for traders who love volatility but whether all this would help in the growth of crypto and blockchain domain as a whole, is open to question.