Dogecoin’s Space Odyssey
Though the crypto market like a roller coaster this week, let`s call to mind the “to the moon” growth of Dogecoin.
Speculators in Dogecoin staged a crazy price spike at the beginning of May 2021. After a record spurt of 43% on Saturday, the cryptocurrency began to fall, losing more than a third of its value on Sunday after Elon Musk had appeared on the Saturday Night Live show and mentioned the “joke”.
Dogecoin, which was created as an internet meme in 2013, jumped by more than 21,000% in the past year (by more than 700% during the last month), and is now the fourth-largest digital currency by market capitalization (USD 73 bn), according to CoinGecko portal. Musk was one of its biggest supporters, along with Mark Cuban, Snoop Dogg, and Gene Simmons. Musk’s tweets have made a once-obscure digital currency that got started as a joke on social media into a speculator’s dream.
But on Sunday, a deal with SpaceX was announced, which gave a new impetus to the currency: after the collapse, it rebounded by almost 30%. In the first quarter of 2022, SpaceX will launch to the moon a mini-satellite DOGE-1, manufactured by the company Geometric Energy for space research. According to the statement, the mission was fully paid for in the Dogecoin currency, but the statement says nothing about its financial cost.
“This mission will demonstrate the use of cryptocurrency beyond earth orbit and lay the foundation for interplanetary commerce,” stated Tom Ochinero, SpaceX’s vice president for commercial sales.
Originally published at https://telegra.ph on May 20, 2021.