Dogecoin literally flies to the moon

Elon Musk may have sent Dogecoin stock plummeting after bombing on Saturday Night Live on May 8, but that doesn’t mean the Tesla and SpaceX CEO isn’t doing his part to boost the volatile cryptocurrency.

On Monday, CNN reported that SpaceX had committed to accept a payment consisting entirely of Dogecoin from Canada-based Geometric Energy Corporation to confirm that company’s place for a 40kg satellite on board an upcoming space mission.

“This is not a joke,” Geometric Energy Corporation CEO Samuel Reid told CNN about the proposed payment, without going into how or why the deal came about.

The mission in question – aptly named Doge-1 – is slated to start in early 2022. According to Tom Ochinero, Vice President of Commercial Sales for Geometric Energy Corporation, the transaction is intended to “demonstrate the application of cryptocurrencies beyond orbit” the foundation for interplanetary trade. “

“Indeed, through this transaction, DOGE has proven itself to be a fast, reliable and cryptographically secure digital currency that works when traditional banks are not and mature enough to fully fund a commercial lunar mission,” Ochinero said in a statement. “It was selected as the unit of account for all lunar deals between SpaceX and Geometric Energy Corporation and sets a precedent for future missions to the moon and Mars.”

The announcement follows a mass sell-off of the cryptocurrency that saw stakes in the coin drop more than 40% after Musk called it “hectic” during his somber Saturday night live performance. But rather than reflecting real concern among investors, the sudden drop in stock prices was more likely triggered by investors who were fingering the trigger, hoping to use Musk’s much-hyped SNL appearance to make quick money on what was already there crypto is known to be extremely high in mercury.

In the days leading up to Musk’s hosting duties, Dogecoin shares were traded so heavily via popular brokerage app Robinhood that the company issued a statement on Sunday morning saying it was working on solving cryptocurrency processing problems.

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