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Economy|Business and Economy


DOGECOIN USED TO PAY FOR SPACEX’S MISSION TO THE MOON NEXT YEAR

Musk said on Twitter in April that SpaceX was going to put a ‘literal Dogecoin
on the literal moon’.


Elon Musk's tweets on Dogecoin have sent its price skyrocketing this year [File:
Bronte Wittpenn/Bloomberg]
10 May 2021
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SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of next
year, with Elon Musk’s commercial rocket company accepting the meme-inspired
cryptocurrency Dogecoin as payment.

“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.

Keep reading
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SpaceX’s fourth test of its Starship rocket ends in mishap

Geometric Energy Corporation announced the Dogecoin-funded mission earlier on
Sunday, with the statement not disclosing the mission’s financial value.

Geometric’s website describes the firm as a private Canadian company originally
founded to invent renewable energy technologies and since expanded into areas
like space.

“DOGE has proven to be a fast, reliable, and cryptographically secure digital
currency that operates when traditional banks cannot and is sophisticated enough
to finance a commercial Moon mission in full,” Geometric said in the statement.
“It has been chosen as the unit of account for all lunar business between SpaceX
and Geometric Energy Corporation and sets precedent for future missions to the
Moon and Mars.”

“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 released
by Geometric Energy.

Musk said on Twitter in April that SpaceX was going to put a “literal Dogecoin
on the literal moon”.

Dogecoin lost more than a third of its price on Sunday after Musk called it a
‘hustle’ during his guest-host spot on the Saturday Night Live comedy sketch TV
show.

Musk’s tweets this year turned the once-obscure digital currency, which began as
a social media joke, into a speculator’s dream.

On crypto data tracker CoinGecko.com, Dogecoin has jumped more than 800 percent
over the last month and is now the fourth-largest digital currency, with a
market capitalisation of $73bn. It hit a record high Thursday above $0.73.

Musk is also CEO of electric carmaker Tesla Inc, which said in February it had
bought $1.5bn worth of Bitcoin and would soon accept it as a form of payment for
its electric cars, a large stride towards mainstream acceptance that sent
Bitcoin soaring to a record high of nearly $62,000.


Source: News Agencies


--------------------------------------------------------------------------------




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DOGECOIN SEES VALUE SLASH AFTER MUSK CALLS IT A ‘HUSTLE’

Starting as a joke, Dogecoin surged more than 16,000 percent the past year but
was down after Musk’s comment.

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