{"id":463442,"date":"2021-05-10T12:00:36","date_gmt":"2021-05-10T12:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=463442"},"modified":"2021-05-10T08:16:08","modified_gmt":"2021-05-10T08:16:08","slug":"elon-musk-brushes-off-snl-fail-plans-to-literally-send-dogecoin-to-the-moon","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/elon-musk-brushes-off-snl-fail-plans-to-literally-send-dogecoin-to-the-moon\/","title":{"rendered":"Elon Musk Brushes Off SNL Fail, Plans To Literally Send Dogecoin To The Moon"},"content":{"rendered":"<p>The Tesla and SpaceX CEO <a href=\"https:\/\/twitter.com\/elonmusk\/status\/48527620\" rel=\"nofollow\">Elon Musk<\/a> said he plans to launch the Doge-1 satellite in Q1 2022. This project will be funded entirely using Dogecoin, making it the first cryptocurrency and meme in space, in Musk&#8217;s words.<\/p>\n<p>This comes following the negative market reaction to Musk&#8217;s SNL appearance during the weekend, in which he mentioned Dogecoin on several occasions. Add to that short-sellers coming out of the woodwork, and the immediate outlook for DOGE looks uncertain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">SpaceX launching satellite Doge-1 to the moon next year<\/p>\n<p>\u2013 Mission paid for in Doge<br \/>\u2013 1st crypto in space<br \/>\u2013 1st meme in space<\/p>\n<p>To the mooooonnn!!<a href=\"https:\/\/t.co\/xXfjGZVeUW\" rel=\"nofollow\">https:\/\/t.co\/xXfjGZVeUW<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/48527620?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Musk Is Not Done With Dogecoin<\/h2>\n<p>In the run-up to last weekend&#8217;s SNL show, Musk was expected to mention Dogecoin, which he did during his opening monologue, and again during a Q&amp;A describing it as a &#8220;hustle.&#8221; But markets reacted by selling off, tanking the price by as much as <a href=\"https:\/\/www.cnbc.com\/2021\/05\/08\/dogecoin-price-plummets-as-elon-musk-hosts-saturday-night-live-.html\" rel=\"nofollow\">30%<\/a> at one point.<\/p>\n<p>DOGE has since posted a recovery of sorts. But it&#8217;s still some 20% off the $0.74 local high going into the weekend.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-463448 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?resize=1805%2C890\" alt=\"4-hourly Dogecoin chart month to date\" width=\"1805\" height=\"890\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=1805 1805w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/aGMFSVMv.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre>Source: <a href=\"https:\/\/uk.tradingview.com\/symbols\/DOGEUSD\/?exchange=BINANCE\" rel=\"nofollow\">DOGEUSD on TradingView.com<\/a><\/pre>\n<p>Nonetheless, that hasn&#8217;t dampened Musk&#8217;s enthusiasm for Dogecoin. Back in <a href=\"https:\/\/mobile.reuters.com\/article\/amp\/idUSKBN2CQ0GI?utm_source=reddit.com\" rel=\"nofollow\">April<\/a>, he mentioned that SpaceX would put a &#8220;literal Dogecoin on the literal moon.&#8221; Late Sunday evening, he reiterated these plans in a <a href=\"https:\/\/twitter.com\/elonmusk\/status\/48527620\" rel=\"nofollow\">tweet<\/a>, accompanying his message with the &#8220;official&#8221; Dogecoin song.<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p>The SpaceX Doge-1 moon mission is in collaboration with <a href=\"https:\/\/www.newswire.ca\/news-releases\/spacex-to-launch-doge-1-to-the-moon--875845973.html\" rel=\"nofollow\">Geometric Energy Corporation<\/a>. It will see a 40kg satellite launch, as a rideshare, on the Falcon 9 lunar mission early next year. The firm said it intends to monitor lunar spatial intelligence using cameras and sensors onboard the satellite.<\/p>\n<p>Geometric Energy&#8217;s CEO Samuel Reid said Dogecoin has &#8220;solidified&#8221; itself as the go-to currency for space travel. Adding, its qualities of speed, reliability, and security make it sophisticated enough for financing commercial moon projects.<\/p>\n<blockquote><p>&#8220;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.&#8221;<span class=\"xn-person\"><br \/>\n<\/span><\/p><\/blockquote>\n<h2>DCG Short Selling DOGE<\/h2>\n<p>Dogecoin&#8217;s amazing performance this year has split the cryptocurrency community. While the pro-DOGE faithful maintains that it&#8217;s the people&#8217;s cryptocurrency, the skeptics point to a <a href=\"https:\/\/wncen.com\/news\/fundamentals-go-out-the-window-1-dogecoin-incoming\/\">lack of fundamentals and development<\/a>.<\/p>\n<p>The latter group warns that DOGE&#8217;s position is unsustainable and may even result in a crypto clampdown by the authorities should a significant selloff occur.<\/p>\n<p>The Digital Currency Group (DCG) Founder, <a href=\"https:\/\/twitter.com\/BarrySilbert\/status\/74547972\" rel=\"nofollow\">Barry Silbert<\/a>, revealed his firm had opened a $1 million short position, betting that the DOGE price will decline.<\/p>\n<blockquote><p>&#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Okay <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-poiln3 r-bcqeeo r-qvutc0\" href=\"https:\/\/twitter.com\/search?q=%24DOGE&amp;src=cashtag_click\" rel=\"nofollow\">$DOGE<\/a><\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> peeps, it&#8217;s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC<\/span>&#8220;<\/p><\/blockquote>\n<p>Enabling this trade, Silbert used a margin token called <a href=\"https:\/\/ftx.com\/trade\/DOGEBEAR2021\/USD\" rel=\"nofollow\">DOGEBEAR<\/a> available on crypto derivatives exchange FTX.<\/p>\n<p>At this point, Dogecoin has proven itself a cultural phenomenon, bringing much-needed exposure to the cryptocurrency space. But, with DCG going short, should the rest of us take this as a sign of what&#8217;s to come?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Tesla and SpaceX CEO Elon Musk said he plans to launch the Doge-1 satellite in Q1 2022. This project will be funded entirely using Dogecoin, making it the first cryptocurrency and meme in space, in Musk&#8217;s words. This comes following the negative market reaction to Musk&#8217;s SNL appearance during the weekend, in which he mentioned Dogecoin on several occasions. Add to that short-sellers coming out of the woodwork, and the immediate outlook for DOGE looks uncertain. SpaceX launching satellite Doge-1 to the moon next year \u2013 Mission paid for in Doge\u2013 1st crypto in space\u2013 1st meme in space To the mooooonnn!!https:\/\/t.co\/xXfjGZVeUW &mdash; Elon Musk (@elonmusk) May 9, 2021 Musk Is Not Done With Dogecoin In the run-up to last weekend&#8217;s SNL show, Musk was expected to mention Dogecoin, which he did during his opening monologue, and again during a Q&amp;A describing it as a &#8220;hustle.&#8221; But markets reacted by selling off, tanking the price by as much as 30% at one point. DOGE has since posted a recovery of sorts. But it&#8217;s still some 20% off the $0.74 local high going into the weekend. Source: DOGEUSD on TradingView.com Nonetheless, that hasn&#8217;t dampened Musk&#8217;s enthusiasm for Dogecoin. Back in April, he mentioned that SpaceX would put a &#8220;literal Dogecoin on the literal moon.&#8221; Late Sunday evening, he reiterated these plans in a tweet, accompanying his message with the &#8220;official&#8221; Dogecoin song. The SpaceX Doge-1 moon mission is in collaboration with Geometric Energy Corporation. It will see a 40kg satellite launch, as a rideshare, on the Falcon 9 lunar mission early next year. The firm said it intends to monitor lunar spatial intelligence using cameras and sensors onboard the satellite. Geometric Energy&#8217;s CEO Samuel Reid said Dogecoin has &#8220;solidified&#8221; itself as the go-to currency for space travel. Adding, its qualities of speed, reliability, and security make it sophisticated enough for financing commercial moon projects. &#8220;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.&#8221; DCG Short Selling DOGE Dogecoin&#8217;s amazing performance this year has split the cryptocurrency community. While the pro-DOGE faithful maintains that it&#8217;s the people&#8217;s cryptocurrency, the skeptics point to a lack of fundamentals and development. The latter group warns that DOGE&#8217;s position is unsustainable and may even result in a crypto clampdown by the authorities should a significant selloff occur. The Digital Currency Group (DCG) Founder, Barry Silbert, revealed his firm had opened a $1 million short position, betting that the DOGE price will decline. &#8220;Okay $DOGE peeps, it&#8217;s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC&#8220; Enabling this trade, Silbert used a margin token called DOGEBEAR available on crypto derivatives exchange FTX. At this point, Dogecoin has proven itself a cultural phenomenon, bringing much-needed exposure to the cryptocurrency space. But, with DCG going short, should the rest of us take this as a sign of what&#8217;s to come?<\/p>\n","protected":false},"author":515,"featured_media":463443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[7,79599,79600],"class_list":["post-463442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dogecoin","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\n<title>Elon Musk Brushes Off SNL Fail, Plans To Literally Send Dogecoin To The Moon<\/title>\n<meta name=\"description\" content=\"The Tesla and SpaceX CEO Elon Musk said he plans to launch the Doge-1 satellite in Q1 2022. 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