Is Elon Musk really taking Dogecoin on the moon? That’s what Tesla’s chief executive has promised to do with the jokey cryptocurrency, especially in terms of rejoicing over its rising price. But on Sunday, he wrote on Twitter that one of his companies, SpaceX, was launching a satellite called Doge-1 in a pay-per-view campaign with Dogecoin, reports the newspaper DealBook.
The announcement came this morning after Mr Musk dismissed a number of Dogecoin hotspots as host of "Saturday Night Live," once calling the brand a "riot." Dogecoin, based on an online meme about Shiba Inu, dropped by almost a third price on the night of the show. It was such a fun night in cryptocurrency that Robinhood’s trading app couldn’t keep up. The crypto token is still up more than 10,000 percent in price this year.
SpaceX launching satellite Doge-1 to the moon next year
— Elon Musk (@elonmusk) May 9, 2021
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
SpaceX and Geometric Energy Corporation, a Canadian technology company, have teamed up to manage 90-pound satellite in the Falcon 9 month campaign, according to a statement Sunday. “Having officially worked with DOGE on such a big deal, Geometric Energy Corporation and SpaceX have strengthened DOGE as a monthly business account unit,” said G.E.C chief executive Samuel Reid. (A company representative confirmed to DealBook that the project was not a joke but declined to comment further.
Far from memes and manias, the cryptocurrency industry is booming, as evidenced by its growing rival of lobbyists in Washington and the hiring campaign of former bosses. This month, the House passed a bill backed by crypto lobbyists to create a working group to explore digital asset management frameworks.
The bill, said Attorney Stephen F. Lynch, a Massachusetts Democrat, was an opportunity "to commit itself to financial recovery rather than to fill gaps in our regulatory framework thereafter."
The bill is now in the Senate Banking Committee. "Financial regulators have been slow when it comes to protecting consumers from independent digital assets that add to the risks in our financial system," Ohio Sheriff Brown, chairman of the committee, told DealBook in a statement. He declined to give a timeline for law enforcement.
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