- Tesla CEO admits Dogecoin is “a hustle”…
- Can SpaceX actually take DOGE to the moon?
- With so many altcoins, what’s the true star of crypto?
Dogecoin appears to be the latest victim of “buy the rumor, sell the news.”
The cryptocurrency’s value quickly plunged over the weekend — even as self-proclaimed Dogefather Elon Musk guest-hosted Saturday Night Live.
At writing the value of the meme-based coin was hovering just under 50 cents, down sharply from its 74-cent peak on Friday.
Dogecoin surged throughout last week as more crypto exchanges listed the coin and Musk hyped it up ahead of his SNL appearance.
Table of Contents
Musk was expected to talk about Dogecoin during his stint on the late-night comedy show and he came through.
The Doge jokes kicked off right at the top when the Tesla CEO brought his mom onstage during the opening.
Maye Musk said, “I’m excited for my Mother’s Day gift. I just hope it’s not Dogecoin.”
Musk himself went full Dogefather later in the night, delivering the Weekend Update as Financial Expert Lloyd Ostertag.
Right off the top of that skit, the billionaire told his co-host, “Call me the Dogefather.”
The weekend update was all about what Dogecoin is with Elon eventually admitting, “it’s a hustle.”
Although hopes for the value of Doge hitting $1 quickly faded over the weekend, Musk isn’t giving up on the altcoin.
Doge to the Moon — Literally
Canadian company Geometric Energy Corporation announced the DOGE-1 Mission to the Moon with SpaceX today.
GEC said the mission is “the first-ever commercial lunar payload in history paid entirely with DOGE” and “will launch aboard a SpaceX Falcon 9 rocket.”
It’s unclear how much Dogecoin Geometric paid SpaceX for the mission.
Geometric Energy’s CEO Samuel Reid said, “Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector.”
The Vice President of Commercial Sales at SpaceX, Tom Ochinero, said, “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!”
Musk also touted the deal on Twitter saying, “To the mooooonnn!!”
The lunar satellite is set to launch aboard a Falcon 9 rocket in the first quarter of 2022 and “will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”
Ethereum Shines Bright
Even as Doge is set for a future trip to the moon, Ethereum appears to be the star among cryptocurrencies.
The digital token rallied to a new record high today, surpassing $4,000 for the first time ever.
Ether has become the front runner in the crypto world, rising 465% so far this year compared to Bitcoin’s
Ethereum’s meteoric rise in recent months has been attributed to the growing popularity of NFTs (non-fungible tokens). The cryptocurrency has become the payment of choice for those virtual items.
Featured Cover image: art_p/Shutterstock