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Alberta-based Geometric Energy Corporation (GEC) has funded SpaceX’s upcoming DOGE-1 Mission to the Moon launch in Dogecoin cryptocurrency. It is the first of its kind industrial lunar payload, which will be launched by SpaceX Falcon 9 rocket, the company announced on Sunday, May 9.
Geometric Energy Corporation focuses on renewable energy technologies. The firm has recently expanded its operations in the fields of space, software, and healthcare. The company operates through the following four subsidiaries: Geometric Space, Geometric Medical, Geometric Gaming, and GeometricLabs.
DOGE-1 Mission
Geometric has collaborated with Elon Musk’s SpaceX for DOGE-1 Mission to the Moon, which will launch a 40-kilogram payload CubeSat along with Falcon 9 lunar mission in the first quarter of 2022. The satellite will collect lunar-spatial information via sensors and cameras on-board with incorporated communications and computational devices.
The company’s CEO Samuel Reid said that the company paid with Dogecoin for the deal with SpaceX and this transaction has solidified the cryptocurrency as a payment mode in the space sector.
DOGE-1 Mission Impact On Dogecoin
A day before this deal announcement, Elon Musk hosted its first-ever Saturday Night Live (SNL) show on NBC, where he called Dogecoin ‘a hustle’. Simultaneously, the meme-inspired crypto token price tumbled almost 30 per cent.
After plunging to nearly US$ 0.42 apiece, the Shiba Inu-mascot crypto token recovered almost 26 per cent to almost US$ 0.53 apiece (6:30 AM EST) on the back of the above deal.
This transaction has also helped the so-called ‘joke coin’ transition to the mainstream. Dogecoin has become the third popular cryptocurrency after Bitcoin and Ethereum. Elon Musk “The Dogefather” also called it as real as one US dollar while hosting SNL.
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Future Of Dogecoin
Elon Musk believes it is the future of currency and an unstoppable financial vehicle that is going to take over the world.
Meanwhile, Wall Street analysts think that cryptocurrency has only one catalyst i.e., speculation, which is moving its price. The double-digit volatility of the overall cryptocurrency market is completely different from the conventional stock market. Hence, it is difficult to guess about the crypto market crash.
A glance at Doge’s last 24-hour performance, the token traded in the range of US$ 0.42 to US$0.60, with a circulating supply of 129.4 billion. It is still up 10,870 per cent year-to-date. Its market cap stands at US$ 65 billion, and its 24-hour trading volume is US$ 33 billion.
