Why Dogecoin SpaceX DOGE-1 Keeps Price in Low Orbit
Elon Musk’s SNL hosting moved the Dogecoin price, but in the wrong direction, so can news of DOGE becoming the unit of account for space travel get the rocket motors going?
On Sunday it emerged that Geometric Energy Corporation, GEC for short, is partnering with Musk’s interplanetary space company SpaceX to launch its “DOGE-1 Mission To The Moon”.
The price of Dogecoin hit an all-time high as market participants looked forward to a mention sending the meme coin lasting past $1.00, but even before made his showing the price retreated and then crashed to as low as $0.42.
DOGE has risen as much as 14,000% since year to date.
Certainly bitcoin has owned the crypto zeitgeist for most of this year, but it has increasingly had to share the limelight with parody coin DOGE, given its astronomic price performance and the growing number of celebrities and public figures supporting the Shiba Inu-branded doggie coin (mascot for the Dogecoin).
In a new twist of fate, DOGE is going to the moon. Well, not the coin but a space rocket paid for with the coin.
DOGE-1 To Gather Lunar-Spatial Intelligence
The DOGE-1 payload will be carried into moon orbit using a Falcon 9 rocket. SpaceX will be paid in Dogecoin for the transaction, with the flight commissioned for the first quarter of 2022.
According to an official GEC press release, the Falcon 9 rocket, called simply DOGE-1, will carry a 40kg cube satellite payload.
GEC says this CubeSat payload will feature advanced hardware and software alongside in-built cameras and sensors to gather lunar-spatial intelligence.
Musk, himself, had earlier teased his 53 million followers on Twitter, writing that Space X was planning to put “a literal Dogecoin on the literal moon.”
Dogecoin fails to bounce, where’s the bottom?
The announcement by GEC on the back of this weekend’s Saturday Night Life (SNL) hosted by Musk might have been expected to attract more retail traders to the DOGE party. But, as noted above, the price slid before and during the show.
In fact those who had reportedly organised watch parties were to be more than a little annoyed by Elon Musk not helping matters when he called the cryptocurrency a “hustle” in one of his sketches on the TV show.
But DOGE has so far failed to bounce and is currently priced ay $0.48. Bullish traders will be looking to see if support holds at the 20-day moving average (green line in chart below).
Mark Cuban says Dogecoin going to $1.00
However, Shark Tank investor Mark Cuban has remained bullish on Dogecoin, noting recently in a guest appearance on the Ethereal Summit that the joke coin is set to reach the $1 mark.
According to Cuban, DOGE’s ease-of-use will see it being adopted as a stablecoin in the midterm, and with its growing utility, it may become a medium of exchange.
The Dallas Mavericks owner also said that the high prices of Bitcoin and Ethereum could see Dogecoin step in to replace them as the virtual currency of the decentralized era.
Dogecoin and SpaceX Set Pace For Interplanetary Commerce
Given the DOGE-1 launch coming up in Q1 of 2022, the much-loved crypto asset will be the first recorded virtual currency used in interplanetary payment settlement.
Space X’s vice president of commercial sales Tom Ochinero notes as much saying that DOGE-1 will demonstrate the application of cryptocurrency beyond Earth’s orbit. Ochinero believes this development will set the foundation for what may soon lead to a whole new ecosystem called interplanetary commerce.
This could see DOGE establish itself in a whole new sphere as it could likely become the first crypto asset to serve as a medium of exchange in a race heating up by the day.
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