Elon Musk may have sentDogecoin ’s stock plummetingafter he flunk on Saturday Night Live on May 8 , but that does n’t mean the Tesla and SpaceX CEO is n’t doing his part to advance the volatile cryptocurrency .
On Monday , CNN reportedthat SpaceX had perpetrate to accepting a payment alone comprised of Dogecoin from the Canada - based Geometric Energy Corporation for substantiate that company ’s spot for an 88 - pound satellite aboard an upcoming space mission .
“ This is not a joke , ” Geometric Energy Corporation CEO Samuel Reid told CNN of the planned defrayal , without getting into specific about how or why the deal had do to buy the farm .
Photo: Joe Raedle / Staff (Getty Images)
The mission in question — appropriately called Doge-1 — is schedule to take off in other 2022 . According to Geometric Energy Corporation ’s vice Chief Executive of commercial cut-rate sale , Tom Ochinero , the dealings is intended to “ demonstrate the program of cryptocurrency beyond Earth ’s orbital cavity and set the initiation for interplanetary mercantilism . ”
“ Indeed , through this very dealing , DOGE has proven to be a fast , reliable , and cryptographically secure digital currentness that operates when traditional banks can not and is sophisticated enough to finance a commercial Moon mission in full , ” Ochinero said in a command . “ 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 . ”
The proclamation come on the heel of a mass sell - off of the cryptocurrency that ascertain percentage of the coin drop bymore than 40%after Musk relate to it as “ a hustle ” during his gloomy Saturday Night bouncy functioning . But rather than excogitate a genuine anxiousness among investor , the sudden dip in share prices was more in all probability actuate by trigger - finger investors hoping to expend Musk ’s much - hyped SNL appearance to make a quick sawbuck off of what is already known to be an extremely fickle crypto .
In the days leading up to Musk ’s hosting duties , part of Dogecoin had traded so furiously on the pop brokerage firm app Robinhood that the caller come forth a program line on Sunday forenoon to say that it was work to settle processing issue of the cryptocurrency .
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