‘Super bullish for Dogecoin’ SpaceX fans react to Elon Musk launching DOGE to the Moon

Dogecoin: Expert discusses Elon Musk’s tweets

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Elon Musk, 49, has reaffirmed his support for Dogecoin this weekend, telling his more than 53.7 million Twitter followers DOGE is going into space. The South African billionaire behind SpaceX and Tesla took Dogecoin under his wings earlier this year, helping thrust the memecoin into the spotlight of public attention. Dogecoin prices are now up more than 10,000 percent on last year and pundits are feeling bullish about DOGE’s future prospects.

The latest Coindesk data at 4pm BST on Monday shows DOGE is exchanging hands for £0.347227 ($0.503837) – up more than three percent in the last 24 hours.

Dogecoin’s market cap also exceeds a staggering £44.93billion ($65.20billion), which is greater than the market cap of Twitter.

Mr Musk shared his plans for a Dogecoin-themed Moon mission on Sunday, after appearing as a guest host on the weekly comedy sketch show Saturday Night Live (SNL).

If all goes according to plan, Dogecoin may very well become the first cryptocurrency to leave the planet.

Even more bizarrely, Dogecoin may become the “first meme” to make its way into space.

Mr Musk tweeted: “SpaceX launching satellite DOGE-1 to the Moon next year:

“-Mission paid for in DOGE

“-First crypto space

“-First meme in space

“To the Mooooonnn!”

The mission will be launched on behalf of Geometric Energy Corporation (GEC) and will be paid for entirely in Dogecoin.

The payload will be an 88 pound (40kg) cubesat launched aboard a Falcon 9 rocket, expected to fly in the first quarter of 2022.

Samuel Reid, GEC’s CEO, 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.”

Tom Ochinero, SpaceX’s Vice President of Commercial Sales, added: “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.”

Dogecoin was born in 2013 ago when software engineers Billy Markus and Jackson Palmer created a virtual token based on a popular meme of a smiling Shiba Inu dog.

Created as a joke, DOGE has spent eight years trading for fractions of a penny among a dedicated group of early adopters.

But after a string of celebrity endorsements, which included Mr Musk and US rapper Snoop Dogg, DOGE coin has experienced an unprecedented flurry of trading.

And the latest news of DOGE going to the Moon was met with a great deal of excitement from SpaceX fans and DOGE holders alike.

One member of the /r/dogecoin Reddit group said: “Super bullish for DOGE!”

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Another person said: “We really are going to the Moon.”

And a third person said: “One small step for crypto one giant step for DOGE. Hopefully, aliens start investing.”

DOGE traders are holding out on the virtual token breaking the £0.72 ($1) barrier – and the token is already halfway there.

Elon Musk has vowed to put Dogecoin on the Moon earlier this year, although at the time it was unclear whether it was a serious proposal.

However, despite all the excitement surrounding Dogecoin and Mr Musk’s endorsements, market analysts have also expressed their concerns about the token.

Experts have warned altcoins like Dogecoin are the first to suffer big losses when the crypto markets come crashing down.

Analysts have argued also there is not enough support for the token to keep its momentum going.

The official position of the Financial Conduct Authority (FCA) here in the UK is that cryptocurrencies are a volatile and all-risk investment.

The FCA warned: “If you invest in cryptoassets, you should be prepared to lose all your money.”

If you have ever considered investing money into DOGE or any other virtual token, you should never invest more money than you are prepared to lose.

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