Elon Musk's Latest Move Could Send Dogecoin Soaring -- But There's a Catch
Key Points
SpaceX plans to put Dogecoin on the moon with the DOGE-1 lunar mission.
However, it has postponed the launch several times already.
Even if the launch happens this year, the publicity may not have much of an impact on Dogecoin's price.
- 10 stocks we like better than Dogecoin ›
Elon Musk is a longtime fan of Dogecoin (CRYPTO: DOGE), the original meme coin (and still the largest). He first tweeted about it in 2019, writing that it might be his favorite cryptocurrency. Since then, Dogecoin's price has increased multiple times based on positive comments or other publicity from Musk, such as his 2021 appearance on Saturday Night Live.
The entrepreneur's latest big move was taking SpaceX public in the largest IPO in history. That could be good news for Dogecoin, as there's a surprising link between the space company and the cryptocurrency.
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Image source: Getty Images.
The Dogecoin lunar mission
Musk once promised to take Dogecoin to the moon, tweeting on April 1, 2021, that "SpaceX is going to put a literal Dogecoin on the literal moon." Many readers initially took it as an April Fool's joke, but Musk later clarified that he was serious, and it didn't take long to find a willing partner.
In May 2021, Geometric Energy Corp. booked a mission to the moon as a rideshare on the Nova-C/IM-1 mission, with SpaceX as the launch partner. The mission includes an 88-pound CubeSat named DOGE-1, and it was paid for entirely in Dogecoin.
The mission was originally scheduled for Q1 2022, but SpaceX has postponed it multiple times. It's currently slated for Sept. 14, 2026. SpaceX is drawing more attention than ever after its IPO, and Dogecoin could share in that when the DOGE-1 lunar mission launches.
Here's the catch
The DOGE-1 mission may be scheduled for September, but as mentioned above, it has already experienced multiple delays. It's been over five years since the mission was announced, and Musk has been noncommittal about it. When asked in February 2026 about putting Dogecoin on the moon, Musk responded, "Maybe next year," so it doesn't sound like a priority for SpaceX.
Even if the mission launches, there's no guarantee that it will have a noticeable impact on Dogecoin's price. When Musk shared an artificial-intelligence-generated video of himself as the "Dogefather" on March 19, 2026, Dogecoin's price stayed flat. Publicity from Musk was always going to have diminishing returns for Dogecoin, and it looks as if the magic has worn off.
And publicity is all that Dogecoin gets out of the DOGE-1 mission. Nothing changes about Dogecoin if SpaceX puts it on the moon. It's still a meme coin with no unique advantages over other cryptocurrencies. If you're going to invest in cryptocurrency, better options are available.
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Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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