Monday, May 10, 2021

Elon Musk Calls Buying ‘Dogecoin’ a ‘Hustle’ in SNL Skit But Then He Did This

 Saturday night Elon Musk did this:


Dogecoin fell by about 25% after Musk's performance on SNL, since it has been his comments and tweets that have been driving the cryptocurrency which started off as a joke.

But then on Sunday, he said his company, SpaceX, will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, with the company accepting the cryptocurrency as full payment for the lunar payload.

The DOGE-1 Mission to the Moon will involve Geometric Space Corporation mission management collaborating with SpaceX to launch a 40kg cubesat as a rideshare on a Falcon 9 lunar payload mission in Q1 2022. The payload will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.

"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," said Geometric Energy's Chief Executive Officer Samuel Reid.

"This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce," said SpaceX Vice President of Commercial Sales Tom Ochinero. "We're excited to launch DOGE-1 to the Moon!"

This is bizarre. 

"The application of cryptocurrency beyond the Earth orbit"? "[T]he foundation of interplanetary commerce"?

What coprolite.

No mention has been made as to whether Geometric has hedged its dogecoin position or liquidated it. I really don't expect part manufacturers to accept dogecoin as payment.

It is clear what Musk is doing by this deal, he is liquidating part or all of his dogecoin position.

This, of course, raises the question of how much dogecoin did Musk and SpaceX buy before he started promoting it.

I have never seen a, well, hustle like this. It's a pump and dump of intergalactic proportions.

It couldn't be done without the mad money printing of Fed chairman Jay Powell but it is proving that the money is falling into a lot of hands of the clueless who have no idea they are lining up to be sheared.  


  1. who would have thought the bubble would be getting this crazy. every time I think it cant get worse, it does, over and over

  2. It's an epic mania, and was fun to trade when the market cap was smaller and his Tweets caused immediate swings. Now it's just crazy, and the joke is on all the pumpettes.