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Dogecoin literally flies to the moon

Elon Musk may have plunged Dogecoin stock after bombing on Saturday Night Live on May 8, but that doesn’t mean the Tesla and SpaceX CEO isn’t doing his part to boost the volatile cryptocurrency.

On Monday, CNN reported that SpaceX had committed to accept a payment consisting entirely of Dogecoin from Canada-based Geometric Energy Corporation to confirm that company’s place for a 40kg satellite on board an upcoming space mission.

“This is not a joke,” Samuel Reid, CEO of Geometric Energy Corporation, told CNN about the proposed payment, without going into how or why the deal came about.

The mission in question – aptly named Doge-1 – is slated to start in early 2022. According to Tom Ochinero, Vice President of Commercial Sales for Geometric Energy Corporation, the transaction is intended to “demonstrate the application of cryptocurrencies beyond orbit.” the basis for interplanetary trade. “

“Indeed, through this transaction, DOGE has proven itself to be a fast, reliable and cryptographically secure digital currency that works when traditional banks are not and mature enough to fully fund a commercial lunar mission,” Ochinero said in a statement. “It has been selected as the unit of account for all lunar deals between SpaceX and Geometric Energy Corporation and sets a precedent for future missions to the moon and Mars.”

The announcement follows a mass sell-off of the cryptocurrency that saw stakes in the coin drop more than 40% after Musk called it “hectic” during his somber Saturday night live performance. But rather than reflecting real investor concern, the sudden drop in stock prices was more likely triggered by finger-pulling investors hoping to use Musk’s much-hyped SNL appearance to make quick cash from what was already there crypto is known to be extremely high in mercury.

In the days leading up to Musk’s hosting duties, Dogecoin stocks were traded so violently through popular brokerage app Robinhood that the company issued a statement on Sunday morning saying it was working on solving cryptocurrency processing problems.

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