Elon Musk’s Dogecoin-funded mission is now scheduled to start in the first quarter of 2022. In May of this year, the billionaire announced the plan. Tweet about it. The mission has been paid in full in Doge and will not only become the first cryptocurrency in space, but also the first memetic coin in space.
SpaceX will launch the Doge-1 satellite to the moon next year
-Tasks paid by the Governor
– The first cryptocurrency in space
– The first meme in space
To mooooonnn! !https://t.co/xXfjGZVeUW
-Elon Musk (@elonmusk) May 9, 2021
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After Musk publicly supported Dogecoin earlier this year, the news was announced at the peak of the Dogecoin rally. The news of the mission further promoted the value of the coin, as Dogecoin will make history through this release. Musk announced that the mission, called DOGE-1, will be launched in 2022, and the project appears to be proceeding as planned.
DOGE-1 is ready
According to a report The DOGE-1 mission was released on Wednesday and is ready for launch in early 2022. SpaceX collaborated with two blockchain companies, Unizen and ZenX, to make the project fruitful. The 40 kg CubeSat will be launched into orbit as a new use case for encrypted space. CubeSat will collect information through various methods, including sensors, cameras, and mirrors, and transmit this information back to Earth.
DOGE price remains unmoved by DOGE-1 launch | Source: DOGEUSD on TradingView.com
Launching CubeSat combines the technology behind SpaceX’s FalconX and blockchain technology. After launch, the microsatellite will orbit the moon to obtain lunar space intelligence.
The DOGE-1 CubeSat will be launched before NASA’s CAPSTONE, which should be the first CubeSat to orbit the moon. However, NASA’s launch was delayed many times, putting DOGE-1 ahead of CAPSTONE. The two companies stated in the report: “This means that DOGE-1 may be the first Cubist in history to land on the moon, marking a major achievement in global aerospace.”
Dogecoin’s reaction to the news
Memecoin did not see a response to the announcement. Dogecoin continued to trend around $0.26, and assets did not move up or down significantly. Although a large part of the market rebounded to record highs, Dogecoin still has not been close to record highs.
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In the past, news like this would cause altcoins to rebound, just like when the microsatellite news broke for the first time in May. This time, the announcement was not enough to promote the value of Dogecoin.
This is partly due to the decline in Elon Musk’s influence on memecoins, but also because the market has now shifted to other projects. Shiba Inu has now become the preferred meme coin, making Dogecoin suffer along with it.
Featured image from Bitcoinist, chart from TradingView.com