The leading meme coin, DOGE, is seeing a renewed resurgence in investor sentiment. According to a series of online tweets, Dogecoin’s much-awaited SpaceX mission is still scheduled for take-off this year.
DOGE to the Moon
Dogecoin, launched in December 2013, is the premier parody coin. The digital asset has been run by a community of free-minded enthusiasts who envision Dogecoin replacing the top crypto dog, Bitcoin.
One of the most vocal supporters of the top meme cryptocurrency is Tesla and SpaceX boss Elon Musk, who recently announced his unequivocal backing of the digital asset. Musk has touted Dogecoin, one of the best meme coins, as a more worthy decentralised payment method due to its high transaction throughput.
Taking his support to the next level, Musk stated that his space company, SpaceX, will be launching a doge-themed mission into the solar system in 2022. The mission, in collaboration with Unizen, ZenX Labs, and energy tech firm Geometric Energy Corporation (GEC) was fully funded with the popular canine-themed crypto asset in mid-2021.
Celebrating the phenomenal breakthrough, SpaceX Vice President of Commercial Sales Tom Ochinero said that the application of crypto-asset beyond Earth’s orbit is a foundation for interplanetary commerce wherein DOGE will play a crucial role in facilitating exchange.
In a recent tweet by top crypto influencer Matt Wallace, it appears this is still scheduled for launch.
SPACEX JUST CONFIRMED THE DOGE-1 MOON MISSION THIS YEAR!!! #Dogecoin TO THE MOOOOOOOOOOOOOOOOOOOOOOOON!!!
— Matt Wallace (@MattWallace888) June 30, 2022
No timeline has been set for this launch, but DOGE supporters are clearly on a purchasing spree. The digital asset has flipped bullish as other altcoins struggle to regain price parity.
Merchandise Purchasable with DOGE
Despite the broader crypto market downturn, Dogecoin is still one of the most sought digital assets. Its main attraction lies in its fun-themed ideologies, the low bar of entry, and its strong community backing.
The growing adoption of the parody coin has seen several companies offering payment solutions using the joke altcoin. Last year, National Basketball Association (NBA) team, Dallas Mavericks, started accepting DOGE for ticket purchases and its team’s merchandise. This was done in partnership with blockchain payment firm, BitPay. Mavericks’ owner, Mark Cuban, has also publicly supported the meme coin.
We're proud to be the first business to accept the #crypto Dogecoin for payment using BitPay!
You can now use #Dogecoin to buy tickets and merch online, making @DallasMavsShop more accessible to MFFLs everywhere! pic.twitter.com/1N0fk0NjAT
— Dallas Mavericks (@dallasmavs) March 4, 2021
However, Musk’s strong affiliation with Dogecoin has yielded the most benefits, and the world’s richest man is all in on the crypto asset. According to Musk, Tesla and SpaceX merchandise will soon be purchasable using the foremost meme coin.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
He also noted that payment for Tesla’s space internet connectivity platform, Starlink, may be done with DOGE in the near future.
Musk continued to back the meme coin despite making a $1.5 billion Bitcoin investment in February 2021. The billionaire has publicly stated that Dogecoin is a more suitable payment solution than the older proof-of-work (PoW) consensus network.
Dogecoin Price Surges Despite Strong Bearish Activity
The broader crypto market is struggling to catch some tailwinds as it has since depegged from the $1 trillion market mark. However, outliers like Dogecoin are posting modest rallies as the cryptocurrency is up 4.24% in the last 24 hours and is trading at $0.065. Its seven-day price gain of 3.25% shows a growing bullish wave for the popular meme coin.
Meanwhile, DOGE is trading below all its short-term moving average (MA) and exponential moving average (EMA) indicators. However, the meme coin is close to its 50-day EMA price peg of $0.06576 and could push upwards in the coming days.
Its relative strength index (RSI) figure of 41.96 shows that the meme token is trading in the underbought region. The moving average convergence and divergence (MACD) currently shows a sell signal.
Cryptoassets are a highly volatile unregulated investment product.
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