You can be on Entrepreneur’s cover!

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

entrepreneur daily
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

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Business Solutions

Keep Inspiration in Reach with Nix Color Sensor, Now $60 for One Week Only

Scan any surface and get a detailed report of the color you're looking for.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

This Woman Was Drowning in Debt Before She Tried 'Cash Stuffing.' Now She's Made The Highly Effective Practice a Full-Time Business.

A Texas woman was $80,000 in debt before she tried a method of budgeting called "cash stuffing." Now, she's not only paid off her debt but turned the budgeting practice into a full-time business to help others save.

Living

Look Sharp with This Gillette Body Razor Set for $15

This Gillette Body Razor comes with nine refill blade cartridges and is on sale for $14.99 (reg. $24) for a limited time only.

Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.