Get All Access for $5/mo

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.

By Chloe Arrojado

Bloomberg | Getty Images

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

Chloe Arrojado

Entrepreneur Staff

Editorial Assistant

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business News

Meta Makes $1 Million Dollar Donation to Donald Trump's Inaugural Fund

Meta CEO Mark Zuckerberg also reportedly gave Trump a pair of Ray-Ban Meta smart glasses.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Starting a Business

They Bought an Ice Cream Truck Off eBay for $5,000. Now Their Company Has 70 Shops and Sells Treats in Over 12,000 Stores.

For the episode of "The Founder CEO," the co-founder and CEO of Van Leeuwen Ice Cream explains how one ice cream truck grew into a successful nationwide brand.

Marketing

Your Most Powerful Marketing Weapon Is Hiding in the Finance Department — Here's Why

Transform your marketing leadership by turning finance from a barrier into a strategic ally. Learn how aligning with your finance team can drive unprecedented growth and innovation.