The Tesla and SpaceX CEO Elon Musk mentioned he plans to launch the Doge-1 satellite tv for pc in Q1 2022. This challenge can be funded fully utilizing Dogecoin, making it the primary cryptocurrency and meme in house, in Musk’s phrases.
This comes following the unfavorable market response to Musk’s SNL look through the weekend, by which he talked about Dogecoin on a number of events. Add to that short-sellers popping out of the woodwork, and the speedy outlook for DOGE seems unsure.
SpaceX launching satellite tv for pc Doge-1 to the moon subsequent 12 months
– Mission paid for in Doge
– 1st crypto in house
– 1st meme in house
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) Could 9, 2021
Musk Is Not Finished With Dogecoin
Within the run-up to final weekend’s SNL present, Musk was anticipated to say Dogecoin, which he did throughout his opening monologue, and once more throughout a Q&A describing it as a “hustle.” However markets reacted by promoting off, tanking the value by as a lot as 30% at one level.
DOGE has since posted a restoration of types. However it’s nonetheless some 20% off the $0.74 native excessive going into the weekend.
Supply: DOGEUSD on TradingView.com
Nonetheless, that hasn’t dampened Musk’s enthusiasm for Dogecoin. Again in April, he talked about that SpaceX would put a “literal Dogecoin on the literal moon.” Late Sunday night, he reiterated these plans in a tweet, accompanying his message with the “official” Dogecoin music.
The SpaceX Doge-1 moon mission is in collaboration with Geometric Power Company. It would see a 40kg satellite tv for pc launch, as a rideshare, on the Falcon 9 lunar mission early subsequent 12 months. The agency mentioned it intends to observe lunar spatial intelligence utilizing cameras and sensors onboard the satellite tv for pc.
Geometric Power’s CEO Samuel Reid mentioned Dogecoin has “solidified” itself because the go-to foreign money for house journey. Including, its qualities of pace, reliability, and safety make it subtle sufficient for financing business moon initiatives.
“Having formally transacted with DOGE for a deal of this magnitude, Geometric Power Company and SpaceX have solidified DOGE as a unit of account for lunar enterprise within the house sector.”
DCG Brief Promoting DOGE
Dogecoin’s superb efficiency this 12 months has cut up the cryptocurrency group. Whereas the pro-DOGE devoted maintains that it’s the folks’s cryptocurrency, the skeptics level to a scarcity of fundamentals and growth.
The latter group warns that DOGE’s place is unsustainable and should even end in a crypto clampdown by the authorities ought to a major selloff happen.
The Digital Foreign money Group (DCG) Founder, Barry Silbert, revealed his agency had opened a $1 million brief place, betting that the DOGE value will decline.
“Okay $DOGE peeps, it’s been enjoyable. Welcome to crypto! However the time has come so that you can convert your DOGE to BTC“
Enabling this commerce, Silbert used a margin token referred to as DOGEBEAR obtainable on crypto derivatives change FTX.
At this level, Dogecoin has confirmed itself a cultural phenomenon, bringing much-needed publicity to the cryptocurrency house. However, with DCG going brief, ought to the remainder of us take this as an indication of what’s to come back?