Tokens tied to Dogecoin-funded DOGE-1 satellite jump ahead of SpaceX launch
Two tokens tied to space logistics and energy company Geometric Energy Corporation are jumping ahead of its mission to put DOGE-1, a Dogecoin-themed satellite, into orbit around the moon.
The launch is scheduled for Jan. 12 aboard a SpaceX rocket from the Kennedy Space Center in the U.S.
GEC, a token issued by the company, has more than quadrupled in the past week. Another token, XI, which is said to be used to pay for ads displayed on the satellite, has climbed 36%. Together they have a market capitalization of just over $30 million and more than 6,000 individual holders, on-chain data shows.
Geometric Energy announced the DOGE-1 satellite in May 2021 as the payload of a SpaceX Falcon 9 rocket originally scheduled for 2022. The mission has been paid for entirely in Dogecoin (DOGE) – a dog-themed meme coin that enjoys SpaceX founder Elon Musk’s vocal backing.
SpaceX has since received the requisite regulatory approvals to clear the launch, finally bringing DOGE-1 a step closer to reality, according to Geometric Energy founder Samuel Reid.
DOGE-1 is one of the two dogecoin-related missions planned in the coming months.
Earlier this month, Dogecoin developers said a physical dogecoin token could reach the moon in a space payload mission planned by Pittsburg-based firm Astrobotic. The mission is planned for Dec. 23 and carries 21 payloads from governments, companies, universities, and NASA’s Commercial Lunar Payload Services (CLPS) initiative.
Cryptocurrency is a form of digital money that uses blockchain technology to ensure its security, transparency, and decentralization. Cryptocurrency has been gaining popularity as a payment method in Europe, as it offers many advantages for both consumers and merchants, such as:
Lower fees: Cryptocurrency transactions do not involve intermediaries, such as banks or payment processors, that charge fees for their services. This reduces the cost of sending and receiving money, especially across borders.
Faster speed: Cryptocurrency transactions are processed by a network of computer nodes that verify and record them on a shared blockchain ledger. This eliminates manual verification and approval, which can take days or weeks for traditional payment methods. Cryptocurrency transactions can be completed in minutes or seconds, depending on the network congestion and the transaction fee.
Greater privacy: Cryptocurrency transactions do not require personal or financial information, such as name, address, or card number, to be shared with third parties. This protects the users from identity theft, fraud, or data breaches. Cryptocurrency transactions are also pseudonymous, meaning they are linked to a unique code, called an address, rather than a real identity.
More control: Cryptocurrency users have full ownership and control over their funds, as they are stored in a digital wallet, a software or hardware device that allows them to send and receive cryptocurrency. Users do not need to rely on third parties, such as banks or payment providers, to access or manage their money. Users can also choose the level of security and convenience for their wallet, such as using a password, a PIN, a fingerprint, or a recovery phrase.
However, cryptocurrency also faces some challenges and barriers that limit its adoption and growth as a payment method in Europe, such as:
Legal uncertainty: The rules and regulations regarding cryptocurrency vary from country to country in Europe, and sometimes even within the same country. Some countries, such as Germany, France, and Malta, have a more favorable and transparent legal framework for cryptocurrency. In contrast, others, such as Spain, Italy, and Greece, have a more restrictive and ambiguous one. This creates confusion and inconsistency for consumers and merchants, who may not know the legal status, tax implications, or consumer protection of cryptocurrency in their jurisdiction.