Elon Musk’s SpaceX will now accept cryptocurrency dogecoin as payment

Dogecoin Image credits: Igor Igorevich/ Shutterstock

In the latest development, Elon Musk’s SpaceX will now accept the cryptocurrency Dogecoin as payment. Further, SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of the next year, said Elon Musk in his tweet.

Doge-1 to the moon next year

“SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space”, Musk said in a tweet.

The tweet comes after Dogecoin lost more than a third of its price on Sunday after Musk called it a “hustle,” while he was hosting the Saturday Night Live comedy sketch television show.

“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce”, SpaceX Vice President of Commercial Sales Tom Ochinero was quoted as saying in the statement.

To the moon

Canada’s Geometric Energy Corporation will develop the satellite, and it will be flown onboard a Falcon 9 rocket in the first quarter of 2022.

Elon Musk has helped Dogecoin, once a meme coin to the world’s fourth-biggest cryptocurrency. It’s worth mentioning that, Dogecoin soared more than 800% in the last few months, with a market capitalisation of $73 billion (approx £52 billion), according to CoinGecko.com.

Dogecoin was invented back in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Created as a joke, the duo envisioned it to be a friendly way for the masses to understand and delve into crypto. However, it has grown much larger, with people investing their life savings in it to turn millionaires