Dogecoin Survives Musk’s SNL Jokes, Will Fund Moon Mission

A meme cryptocurrency which launched a meme about boosting its price to the moon will be used to pay for a mission to the actual moon

5/10/2021 2:48:00 AM

A meme cryptocurrency which launched a meme about boosting its price to the moon will be used to pay for a mission to the actual moon

It’s been another wacky 48 hours for the internet’s favorite meme/joke crypto, which is not supposed to be worth anything but somehow is.

The crypto already had a pumped-up week, thanks to buzz over dogecoin-superfan Musk’s SNL gig; the news that two big crypto trading exchanges had the DOGE in; and, as always, a lot of memes starring the crypto’s signature Shiba Inu — many of which were rallying cries to boost DOGE’s price to one dollar. That didn’t happen, but the hype prompted dogecoin, which was launched as a parody of bitcoin clones in 2013 and designed to have no value or supply limit, to reach a new all-time high price of 73 cents around 1 a.m. Saturday, according to CoinMarketCap — nearly 1,400 times the price it was at at the beginning of the year. DOGE had ended up at 69 cents by the time SNL started, and then, about four minutes into the show — when Musk’s mom quipped that his Mother’s Day gift for her better not be dogecoin, and Musk joked that it “sure was” — the price immediately began to fall as many DOGE-owners, who had likely been waiting and hoping for another peak to go live on Saturday night, began selling off the crypto.

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Almost an hour into the SNL broadcast, DOGE had dropped nearly 30 percent to 49 cents, but briefly went up again to as high as 56 cents in response to another mention of dogecoin by Musk during the “Weekend Update” segment of the show — in which Musk, pretending to be a financial expert, again coined himself the “dogefather,” seemed to acknowledge the DOGE hype was “a hustle,” and howled the DOGE-meme catchphrase “to the moon!”

The trading frenzy overnight Saturday, which was not unexpected, once again resulted in the popular trading platform Robinhood experiencing technical difficulties — the third straight time the service and app become temporarily unfit for a DOGE under intense selling of the crypto.

The price of dogecoin from Friday through Sunday afternoon. Illustration: CoinMarketCap By Sunday morning, the price of dogecoin had dropped back down to 43 cents, erasing most of the week’s gains. But then it started going back up again, particularly after the midday announcement that dogecoin would be used to pay for a space mission that would send the DOGE-1 satellite to the actual moon early next year. The Verge’s Jacob Kastrenakes explains:

SpaceX is now accepting Dogecoin, and it’ll be paid exclusively in the cryptocurrency to launch an upcoming satellite named DOGE-1 to — yes — the Moon. The DOGE-1 is a cubesat meant to acquire “lunar-spatial intelligence” using onboard cameras and sensors. It’s being sent and paid for by a company named Geometric Energy Corporation, and it’ll be flown up on a Falcon 9 rocket in the first quarter of 2022. …

Investors like to talk about sending Dogecoin’s value “to the Moon,” thus, we’re getting this silly stunt about sending a satellite named DOGE-1 paid to Musk’s company in Dogecoin to the Moon.Given all that, SpaceX includes in the announcement the exact quote one might assume Musk mandated the company include: “We’re excited to launch DOGE-1 to the Moon!” said SpaceX vice president of commercial sales Tom Ochinero. … Ochinero says the partnership sets “the foundation for interplanetary commerce.” And Geometric Energy Corporation’s CEO says the transaction “solidified DOGE as a unit of account for lunar business in the space sector.” The press release goes on to say that Dogecoin is “sophisticated enough to finance a commercial Moon mission in full” and that it’ll be used for all lunar business between the two companies

As of late afternoon Sunday, the price of dogecoin was hovering north of 55 cents. While that’s still about 20 percent lower than it was when the SNL broadcast began, it’s not far off the second-to-last all-time high it set early last week. Dogecoin may be a risky investment by traditional standards, but so far this year, the potential bubble has been all-rainbow for many of DOGE’s meme-happy fans. And while Musk seemed to admit on SNL that pumping up DOGE was a “hustle” — and last week insisted that “cryptocurrency is promising, but please invest with caution!” — he also sent a tweet on Thursday that suggested their may be at least some method to his madness for the meme:

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Dogecoin to the moon!! 🚀🌙

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Elon Musk’s SpaceX to send dogecoin-funded satellite to the moonElon Musk may not have sent dogecoin's price to the moon with his 'Saturday Night Live' appearance, but his SpaceX will accept the cryptocurrency to fund a... I just moved to your city, who wouldn't mind showing me interesting places? We love you Elon. To the 🌙🚀🚀🚀

SpaceX accepts dogecoin as payment to launch lunar mission next yearSpaceX 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. Clearly, our species doesn't deserve survival. Sus...