Elon Musk is doing everything in his power to reverse the short term drop in the value of Dogecoin following his SNL appearance last weekend.
The Space X CEO unveiled plans to launch the Doge-1 satellite next year.
This ultimately means Dogecoin will become the first cryptocurrency and meme in space.
Elon Musk-owned Space X have a binding agreement to accept Dogecoin as payment from Geometric Energy Corporation to launch the Doge-1 satellite
“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.” Geometry Energy Corporation CEO, Samuel Reid explained.
The cryptocurrency reached an all-time high last week and many were convinced that Musk’s SNL appearance would enhance its upward trend.
But the reverse was the case as Doge plummeted by as much as 30% at some point.
Announcing the ground-breaking news, ‘Dogefather’, Elon Musk tweeted a 31-word message to his 53.7 million followers on Twitter.
And just like a reflex action, Doge began to rise steadily. Although it is yet to hit the record-breaking heights it attained last week.
Dogecoin is currently selling at $0.49(49 cents) at the time of writing this article.