Elon Musk’s Dogecoin Space Dream Nears Liftoff
Dogecoin is closer to going where no other cryptocurrency has gone before thanks to Elon Musk’s upcoming SpaceX mission. Musk’s rocket company is harnessing the expertise of blockchain startups Unizen and ZenX Labs plus energy tech firm Geometric Energy Corporation (GEC) to prepare for the launch of the Doge-1 satellite into space.
Musk previously revealed that SpaceX would be launching the Doge-1 satellite to the Moon in 2022, saying that the tab for the space mission is being paid for in Dogecoin to make it the first crypto to literally go into space. GEC and SpaceX are also spotlighting the role of decentralized finance, or DeFi, in space exploration.
SpaceX Vice President of Commercial Sales Tom Ochinero said in a statement,
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We’re excited to launch DOGE-1 to the Moon!”
Unizen, a smart exchange ecosystem for digital assets, unveiled several moving parts of the operation. GEC is focused on “building and launching Doge-1,” the maiden “crypto founded space mission to the Moon.” ZenX Labs is providing support around scaling, DeFi infrastructure and compliance.
The DeFi component involves the dynamic multi-asset staking (DMAS) of Unizen ($ZCX), a smart CeDeFi ecosystem, and rewards including XI Protocol tokens ($XI), according to the announcement.
The companies are readying the launch of the CubeSat and the satellite into lunar orbit where spatial data will be gathered from sensors and cameras. The mission is not expected to launch before early 2022. NASA’s Capstone mission, which also involves a CubeSat, is planned for March 2022.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
The nearing blockchain space trip has done little to lift the mood in the cryptocurrency market, with each of the top 10 coins currently trading in the red, including Dogecoin. The leading meme coin has lost 6% in the last 24 hours to currently hover at $0.2563.
When SpaceX’s Doge-1 takes off, presumably in the coming months, it could be a catalyst for gains. Musk’s influence is enough to move the markets, and the satellite mission thrusts Dogecoin into unchartered territory for cryptocurrencies.
Virgin Galactic, the space company founded by fellow billionaire Richard Branson, has signed up about 700 people for its upcoming space mission. They are hoping to sell enough tickets for 1,000 people to be on the spaceflight, which is expected to happen at the end of next year.