In February, Tesla announced that it has invested $1.5 billion in Bitcoin and also disclose that it would start accepting Bitcoin as payment for buying its cars. Now, another Elon Musk-led company is following the same path with Dogecoin.
SpaceX will be launching the â€œDOGE-1 Mission to the Moonâ€ in the first quarter of 2022 and the company will be accepting cryptocurrency dogecoin as payment, according to Elon Musk in a tweet.
The development follows a tweet byÂ Elon MuskÂ in April thatÂ SpaceX was going to put a â€œliteral Dogecoin on the literal moonâ€.
Canadian engineering firm Geometric Energy Corporation hasÂ partnered withÂ SpaceXÂ to launch its DOGE-1 CubeSat to the Moon in the first quarter of 2022. The mission will launch aboard a Falcon 9 rocket. The 88-pound CubeSat will collect â€œlunar-spatial intelligenceâ€ through a combination of cameras and sensors, says the company.
In the statement released by Geometric Energy, SpaceX Vice President of Commercial Sales Tom Ochinero said: â€œThis mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.â€
DogecoinÂ lost more than a third of its price on SundayÂ after Musk called it a â€˜hustleâ€™ during his guest-host spot on the â€œSaturday Night Liveâ€ comedy sketch TV show.
$100 Worth DogeCoin 2 Months ago Now Worth $2000
For those who are unaware,Â DogeCoin has experienced tremendous growth over the last year. As of May 9, 2020, it was valued at $0.0026, and today valued at $0.7223 just a year later.
Earlier in February, Elon musk tweeted â€œDogecoin is the peopleâ€™s coinâ€, â€œNo need to be a gigachad to own. â€œNo highs, no lows, only Doge.â€ Dogecoin was traded at $0.05229 then February 2021.
As at the time of writing this report, the value of one Doge is $0.6776, heading towards $1. For those that committed $100 last year May, their investment is expected to worths over $2,000 now.
Dogecoin is now the fourth most valuable cryptocurrency in the world with a market cap of over $85 billion. Only Bitcoin, Etherium, and Binance Coin have higher market caps.