Geometric Energy Corporation has announced that it will be launching the DOGE-1 to the moon in 2022 using a SpaceX Falcon 9 Rocket in what would be the first-ever commercial lunar payload funded entirely with the DOGE cryptocurrency.
The mission will see Geometric Energy Corporation’s mission management collaborating with SpaceX, the company founded and directed by Elon Musk, to launch a CubeSat that will obtain lunar-spatial intelligence.
The CubeSat, a type of miniaturized satellite that uses multiple modules, is expected to use multiple sensors and cameras that have been integrated with communication and computational systems to recollect data that has yet to be specified by the companies.
The entirety of the project will be funded using DOGE at a time when the cryptocurrency has surpassed its “meme” status to become one of the dominant projects in the crypto market. This means that DOGE will be used as the unit of account for all lunar business between the two companies involved in the mission.
Geometric Energy’s Chief Executive Officer, Samuel Reid, referred to the mission’s use of the cryptocurrency by stating:
“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.”
Elon Musk has been a long-time supporter of DogeCoin, which he has helped to get notoriety by referring to several times via Twitter and live interviews. Now, Musk’s company will be involved in one of the major milestones for the use of cryptocurrency in what could be the “foundation for interplanetary commerce.
DOGE Drops Over The Weekend After Elon Musk Interview
While Elon Musk’s support for DOGE has been essential for the success of the “meme coin” over the past year, his latest interview on Saturday Night Live is considered to have caused a drop in value of more than 30% over the weekend.
DOGE, which had reached its all-time high of $0.73 back on May 8th, saw its value drop as low as $0.446 on March 9th. While the price has corrected since then, the currency’s drop over the weekend saw the coin reach its lowest value since May the 4th.
Despite the comedic nature of the TV show, Musk’s response to a question by cast member Michael Che seemed to have discouraged DOGE investors, causing the coin to tumble.
When asked if DOGE was a hustle, Musk answered by saying, “Yeah, it’s a hustle.”
Prior to the question, Musk had also laid some facts about DOGE, even referring to it as, “the future of currency,” and “an unstoppable financial vehicle that’s going to take over the world.”
However, it was the billionaire’s joke the one that was taken seriously by the crypto market, causing a considerable drawback for the currency at a time when it was rallying.
From Meme to Star
Despite being created as a Joke back in 2013, DogeCoin saw increasing interest from investors in early 2021 as personalities like Elon Musk and Snoop Doge voiced their support for the cryptocurrency.
During the past year, DOGE has experienced a gain in value of more than 21600%, becoming the 4th largest cryptocurrency by market capitalization, according to CoinGecko data.
Back on March 5th, the Dallas Maverick became the first NBA team to accept DOGE as a payment method for the purchase of tickets and merchandise as a result of Mark Cuban’s support of the cryptocurrency.
In recent days, Cuban stated: “I kind of think that it might level off at $1 and become somewhat like a stablecoin, where you can use it, you can save it, it’s going to stay pegged.”
While DogeCoin has continued to be seen as a joke and dangerous project by some crypto experts due to its technical limitation and the Ethos that gave its origin to it, the project is likely to continue its way up as netizens jump on the bandwagon supporting what has become an integral part of internet culture.