Director of research at D.A. Davidson Gil Luria comments on the state of crypto and Dogecoin nose dive.
Just a few months after Tesla started acceptingthe world’s largest cryptocurrency, Bitcoin, for its electric vehicle payments, CEO Elon Musk is now considering adding Dogecoin as another alternative payment option.
ELON MUSK ‘SNL’ GAG BACKED BY CRYPTO EXPERT: DOGECOIN ‘IS A HUSTLE’
Musk posed the question to his 53.9 million followers in a poll on Twitter on Tuesday. Over 3 million people have already weighed in, and the post received over 205,000 likes and more than 62,000 retweets.
The move comes as the meme token surged to a new all-time high last week, with Doge continuing to gain popularity in the mainstream.
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Tesla isn’t the only Musk-led company to consider using Dogecoin for payment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 618.21 | -10.83 | -1.72% |
On Sunday, SpaceX announced it would partner with Geometric Space Corporation to send Doge to the literal moon in a mission slated for the first quarter of 2022.
DOGE-1, the first-ever commercial payload entirely funded by Dogecoin, will carry a 40-kilogram cube satellite aboard a Falcon 9 rocket. According to a news release, the payload will “obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”
Geometric Energy CEO Samuel Reid says the transaction solidifies Dogecoin as a “unit of account for lunar business in the space sector.” SpaceX vice president of commercial sales Tom Ochinero added that the mission will “demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
“We’re excited to launch DOGE-1 to the Moon!” Ochinero said.
The mission’s financial value was not disclosed.
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The joke currency has been volatile in the days following Musk’s hosting gig on Saturday Night Live. Musk made several references to Dogecoin during his appearance, including calling it “a hustle” during the NBC variety show’s “Weekend Update” segment.
Dogecoin has a market cap of $65.4 billion and its returns are up over 10,000% year-to-date.
