SpaceX literally sends DOGE to the moon. Here’s what it really means.
In cryptocurrency parlance, it’s called “shilling” – the practice of talking over and over again about a certain coin with the intention of inflating its price – and Elon Musk may be doing too much.
On Sunday, Musk tweeted that the Geometric Energy Corporation will launch the DOGE-1 satellite to the Moon, aboard a SpaceX rocket, next year. The mission will be paid for in DOGE, he writes, and it will be the “1st crypto in space” and the “1st meme in space”.
This can be a lot to unwrap, so here’s a quick explanation. First of all, Musk isn’t kidding. There is a current press release confirming what he said.
DOGE is a joke cryptocurrency that has risen dramatically in price this year – in part thanks to Elon Musk constantly talking about it. DOGE-1 is a satellite that will be launched on a SpaceX Falcon 9 rocket, and the plan is for it to orbit the moon and “obtain lunar-space intelligence from on-board sensors and cameras with satellite systems. integrated communication and computing. ”
There is a real link between the two – the space mission will be paid for “in full” with DOGE.
But the whole thing is a bit of a cosmos-sized joke, because one of the most popular memes that have evolved around DOGE, whose mascot is a dog Shiba Inu, is that the cryptocurrency will go “on the moon, ”which in crypto jargon means the price will go very, very high. So now SpaceX and the Geometric Energy Corporation are making the joke real, by sending DOGE (well, the satellite) to the moon. Find?
Despite the fact that the two companies very convincingly claim that this “sets a precedent for future missions to the Moon and Mars”, make no mistake: this is a company that sends a satellite to the Moon using a SpaceX rocket. The fact that everything is paid for with cryptocurrency is fine, but frankly, GEC could have used virtually any other cryptocurrency to pay for the mission.
DOGE is not particularly innovative (beyond its brand), nor particularly well suited for funding space missions (at least not more than most other popular cryptocurrencies).
DOGE’s price has skyrocketed in recent months, only to plunge just after Elon Musk’s. SNL episode. Maybe the world has had enough of Musk’s Shilling? The price has since gone up yet again, so maybe not.
The fact that a multibillion dollar company uses it, and one of the richest men in the world keeps talking about it, makes it all interesting – could it happen that other companies follow suit? and that DOGE in fact becomes a currency often used for SpaceX missions? We just saw Elon Musk host the Saturday Night Live, so I guess anything is possible. But even all of this free marketing doesn’t change the fact that Dogecoin is a Bitcoin / Litecoin spin-off that has sometimes been pretty much scrapped for years and doesn’t offer anything particularly new to the crypto world.