Billionaire, Elon Musk’s company, SpaceX, will launch a satellite to the moon next year as part of a fully paid mission with the Dogecoin cryptocurrency, the Canadian company Geometric Energy Corporation, which will lead the selenium mission, announced on Sunday, as covered by AFP and Reuters.

The satellite, called DOGE-1, will be launched aboard a SpaceX Falcon-9 rocket in the first quarter of 2022, the Calgary-based company said in a statement.

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The satellite, cubic in shape and weighing 40 kilograms, will aim to obtain “information about the selenium space with the help of sensors and cameras on board,” the company said.

DOGE-1 Mission to the Moon” will be “the first selenium payload in history paid in full with Dogecoin,” Geometric Energy Corporation said, without specifying the value of the transaction.

We are excited to launch DOGE-1 on the Moon!” Said Tom Ochinero, vice president of commercial sales at SpaceX, adding that “the mission will demonstrate the application of cryptocurrencies beyond Earth’s orbit and lay the groundwork for interplanetary trade.”

The announcement comes shortly after Elon Musk appeared on the American comedy television show Saturday Night Live (SNL) in which the controversial CEO of Tesla and SpaceX promoted Dogecoin, which he said was a virtual currency jokingly created on who legitimized her with his Twitter messages.

An ardent supporter of cryptocurrencies, Elon Musk answered on Saturday night, within SNL, in a period in which he was insistently asked the question: “But what exactly is Dogecoin?”, the entrepreneur bullishly replied, “an unstoppable financial vehicle that will conquer the world,” enthusiastically adding: “forward to the moon!”

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It was not all adulation, however, as Elon Musk disappointed fans when he acknowledged that “yes, (Dogecoin) is a scam.”

This triggered a domino effect as hours later, its price plummeted by up to a third of its value, and although it could have a fresh bullish rebound.

The Crypto That has Risen By 25,000% in One Year

Until October 2020, the Dogecoin cryptocurrency had gone unnoticed by the market and was priced at $0.003. This was because the currency was born as a joke in 2013. So much so that the drawing of the currency is a meme of a very popular dog on the internet in the early 2010s. But thanks to its meteoric rise in price, it has already become the fourth most valuable by a market capitalization of $74 billion

Dogecoin is not so much an alternative deflationary numismatic instrument but rather an inflationary idle exploration of community building around a cryptoasset,” wrote Usman Chohan, an economist at the University of New South Wales School of Business, in an article.

As for the cryptocurrency itself, it is developed with a script similar to that of Litecoin and has 129 billion available units. In addition to this, it does not have a great utility in the real economy, although it has served for some specific campaigns to collect money on the internet.

Why has it gone up so much? 

There are several reasons that explain the meteoric rise of Dogecoin. But the primary and most causativeof these is the support of Elon Musk, the world’s richest man, who has already posted several tweets joking about the currency’s rise. The CEO of Tesla has caused many of his followers to bet on cryptocurrency in a similar way to what happened at GameStop earlier this year.

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How much has it gone up?

In just twelve months it has risen by more than 22,000%, with half of that figure amassed in 2021 alone. Despite the renowned volatility of cryptocurrency, this is in comparison very unusual, as Bitcoin, the world’s leading digital money has appreciated by 500% in the past year.

Dogecoin has gone from costing 0.001 dollars to 0.68. This means that investors who pumped 1,000 Naira into the currency in October 2020 could now have more than 400,000 Naira. In fact, the capitalization of the currency is already 60,000 million dollars, higher than that of Twitter.

Is it a bubble?

Taking into account the stratospheric rise and the utility of the currency, everything indicates that it is, and could fall with the same force that it has risen. But the cryptocurrency market seems not to be governed by the stricter rules of the normal market. Furthermore, institutional investors have also started looking at this coin to try to capitalize on the incredible rise.

Experts such as José Rodríguez, one of the most prominent specialists in the world of cryptocurrencies and blockchain technology, has also warned about the risks of Dogecoin.

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