Elon Musk's SpaceX Is Putting a 'Literal Dogecoin on the Literal Moon'

The company plans to launch the satellite next year with the "joke" cryptocurrency.
Elon Musk's SpaceX Is Putting a 'Literal Dogecoin on the Literal Moon'
Image credit: Bloomberg | Getty Images

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Despite warning Dogecoin investors to proceed with caution, Elon Musk announced his plans to take the cryptocurrency to the moon.

Yesterday, The Tesla CEO announced that SpaceX is launching "DOGE-1 Mission to the Moon," a Dogecoin-funded mission that will send a cubesat named DOGE-1 to the moon. The 40 kilogram satellite will fly on a Falcon 9 rocket in the first quarter of 2022, with a goal of gathering lunar-spatial intelligence.

Related: Elon Musk Says Dogecoin Could Be Cryptocurrency's Future, But Warns Followers to 'Invest With Caution'

The satellite will launch through a partnership between SpaceX and technology firm Geometric Energy Corporation. 

"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," Geometric Energy's Chief Executive Officer Samuel Reid said in a press release.

Though the news was officially announced on Sunday, Musk hinted at the mission in a tweet on April Fool's Day.

The news is particularly welcome for Dogecoin investors after the cryptocurrency took a dive following Elon Musk's appearance on Saturday Night Live. According to Reuters, the cryptocurrency lost more than a third of its price on Sunday. Nonetheless, Dogecoin's price has risen more than 10,000% this year.

Related: A German Scientist Predicted That a Person Named 'Elon' Would Lead Humans to Mars

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