Elon Musk started dreaming of sending Dogecoin to the Moon, literally and figuratively, when flirting with Bitcoin became an obstacle to selling Tesla in China (read more in our article). Three days before dismissing the possibility of buying electric cars with cryptocurrency, Musk announced the Doge-1 Mission to the Moon.

The Doge-1 satellite, built by Geometric Energy Corporation, will be launched on the SpaceX Falcon 9 rocket. One of the satellite's tasks will be to broadcast advertising materials into outer space from near-lunar orbit via a TV screen. A recording of the events will also be streamed to the Earth.

This will make Dogecoin the first "space" cryptocurrency. Payment for the space voyage was also made in Dogecoin. SpaceX Vice President of Commercial Sales, Dr Tom Ochinero, had previously said the satellite launch would be the first step towards interplanetary commerce. The Doge-1 shuttle launch is set for 12 January 2024.

Another cosmic breakthrough for the meme coin would be sending a "physical" DOGE coin directly to the Moon as part of the Peregrine mission. Astrobotic will deliver the cryptocurrency in a DHL Moonbox to the satellite's surface aboard a Vulcan Centaur rocket. The launch is planned for 23 December 2023.

Figuratively, "to the Moon" means a powerful rally, including setting new price records. Dogecoin is now trading at $0.08 per coin, which doesn't come close to breaking the high it saw in February 2023.

Traders are full of optimism after the news of the upcoming space attempts. The funding rate in the derivatives market has already set local highs. A high rate indicates bulls dominating bears in the total volume of open positions.

Traders are counting on Dogecoin heading "to the Moon" after the successful completion of space missions, despite the fact that this mission is an advertising ploy and isn't carrying a payload. However, an event expected in 2024 that can really set the stage for Dogecoin's rally is the launch of a payment system on X.com, with the cryptocurrency taking a key position in payments.

Elon Musk has already received a license in a number of states to conduct payments (including cross-border payments), and the new feature is expected to appear next year. As Musk himself previously stated, with a successful launch, X.com will cover "half of the global financial system" and become an "everything" app. 

StormGain Analytical Group 
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