Doge to the Moon is something that’s now set to become a reality, thanks to Elon Musk and SpaceX. The Dogecoin cryptocurrency has been growing in popularity in recent months and the latest development marks a significant milestone in solidifying the meme crypto’s future. Here’s an overview of what SpaceX has announced and why it matters.
Bitcoin and Ethereum are two common names mentioned when discussing cryptocurrencies. However, they are far from being the only ones. In particular, meme cryptos have become a popular topic of late, with Dogecoin arguably the most well known overall. What has helped Dogecoin become more popular is Elon Musk who, on more than one occasion, has Tweeted about the cryptocurrency. To many, Musk is now the “doge-father,” a title that was even referenced during the SpaceX CEO’s recent SNL appearance.
Following that SNL debut, Musk Tweeted that SpaceX was going to launch a Doge-1 satellite in 2022. Essentially, Musk confirmed that the Doge-1 launch would be a mission paid for totally in Dogecoin, and that it would represent the first crypto and meme in space. Since then, an official press release confirmed it is Geometric Energy Corporation that is paying for the satellite launch, in Dogecoin. According to the announcement, the Dogecoin payment will ensure a 40kg satellite will rideshare on a Falcon 9 in Q1 2022 and will be used to collect lunar-spatial intelligence.
Why SpaceX Accepting Dogecoin Matters
Musk’s other company, Tesla, has already started accepting Bitcoin as a payment method. Not to mention, Tesla has also purchased and sold Bitcoin itself. However, there are some fundamental differences between Bitcoin and Dogecoin. For starters, while Bitcoin is seen by many as a viable alternative to traditional currencies, Dogecoin was conceived as more of a joke. More specifically, as a meme. Since then, its popularity has grown considerably and there has been more recent debate as to whether Dogecoin could actually become a people's alternative to Bitcoin. Arguably, SpaceX is now adding further legitimacy to Dogecoin by accepting it as payment for a service. Furthermore, it is not the first to do so, considering the Oakland A’s recently announced the MLB team were also offering fans the option to buy game tickets using Dogecoin.
While some may debate whether or not Dogecoin is a legitimate currency, it is in terms of the market. Dogecoin has been on a massive rise in recent weeks, and although its value took a hit during the SNL broadcast, its backers are still firmly focused on reaching the one-dollar-per-coin milestone. An increase in value goal that's part of the wider ‘Doge to the Moon' movement. Something that, thanks to Musk and SpaceX, is now becoming a reality outside of Doge's market value.
Source: Elon Musk/Twitter, PR Newswire, MLB