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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

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