Elon Musk must not think Dogecoin (CCC:DOGE-USD) is that much of a hustle. The billionaire has been waffling on the altcoin over the weekend. But, a piece of news from his SpaceX shows that Musk sees Dogecoin as a legitimate enough currency to fund a rocket launch. Read on to see how SpaceX’s new payment method is effecting Dogecoin price predictions.
SpaceX announced a venture for Dogecoin funded by Canadian Geometric Energy. The DOGE-1 satellite will launch aboard SpaceX’s Falcon 9 rocket at some point during the first quarter of 2022. Geometric is footing the bill for this satellite launch, and has done so entirely in DOGE.
The satellite will be equipped with on-board sensors and cameras for obtaining lunar-spatial intelligence, operated using SpaceX computational systems. Tom Ochinero, VP of Commercial Sales for SpaceX, is very excited about the venture. “The mission will demonstrate the application of cryptocurrency beyond Earth orbit,” he said about DOGE-1.
Geometric CEO Samuel Reid says that this transaction makes Dogecoin “a unit of account for lunar business in the space sector.” It’s hard to argue that DOGE won’t go down as a significant player in ushering in a new chapter for privatized space exploration thanks to the DOGE-1 mission.
Dogecoin Price Predictions Pull Back, But Still Call for Gains
Dogecoin suffered a fair bit after Elon Musk’s SNL episode on Saturday, in which he called DOGE a “hustle.” Prices tanked for a period before rebounding slightly, and the coin balances now on the 51-cent mark. The SpaceX news might do well to save Dogecoin, but either way, analysts have not lost faith.
Maybe not as bullish as before, Dogecoin price predictions have faltered, but they are all still pointing to big growth in 2021.
- DigitalCoinPrice retracted their prediction quite a bit over the weekend. Still, they say DOGE will gain, finishing off the year at 78 cents.
- The Economy Forecast Agency is still putting their bet on gains for Dogecoin this year. The outlet has pegged DOGE for a $2.38 price in December, one of the most bullish predictions of the week.
- FXStreet is still optimistic on Dogecoin, but says the coin faces a big moment. If it can pass the 61-cent resistance level it now faces on the rebound, it can break out and shoot toward $1.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.