HomeBitcoinElon Musk Makes GEC Pay Doge-1 Satellite Rebooking Fee In Dogecoin -...

Elon Musk Makes GEC Pay Doge-1 Satellite Rebooking Fee In Dogecoin – Details

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In a recent development, logistics firm Geometric Energy Corporation (GEC) has revealed that they paid the rebooking fee for the Doge-1 satellite in Dogecoin (DOGE). This comes alongside news that the satellite won’t be taking off anytime soon. 

Doge-1 Satellite Rebooking Fee Paid In Dogecoin

The CEO of Geometric Energy, Samuel Reid, confirmed in an X (formerly Twitter) post that they “had” to repay the rebooking fee to Elon Musk’s SpaceX in DOGE. This suggests that his company had no other choice but to use the meme coin to pay if they still intended to move on with the Doge-1 mission.

While it is unclear why the payment in Dogecoin was mandatory, it was worth mentioning that Geometric Energy made the initial payment (in 2021) to launch the Doge-1 satellite in Dogecoin. As such, Space X and Elon Musk might have felt it was only natural the whole deal continues to be financed with the meme coin. 

Space X, which is owned by the world’s richest man, Elon Musk, will be responsible for launching the Doge-1 satellite into the lunar orbit. Contrary to what some might think, this mission isn’t sending the Dogecoin token into space. Instead, the satellite will be used to display advertisements to Earth while orbiting the moon. 

However, it has caught the interest of the DOGE community, considering how the project has amplified the meme coin’s utility. Such development can also be bullish for the crypto token once the satellite is finally launched. 

Doge-1 Launch Delayed

Samuel Reid also revealed on a live voice chat on Telegram that the Doge-1 mission would be delayed. This was why Geometric Energy had to pay the rebooking fee in the first place, considering that the satellite will no longer be launching as a rideshare payload with the Intuitive Machines’ IM-1 mission. 

Reid further stated that the delay was due to the fact that some equipment for the satellite was still being worked on. Once that is done and necessary approvals are obtained, the satellite is expected to be shipped to the United States from the United Kingdom. 

It is worth mentioning that GEC already got the necessary approval and license to launch the satellite from the National Telecommunications and Information Administration (NTIA) and the Federal Communications Commission (FCC), respectively. 

Meanwhile, Reid failed to provide a timeline for when the Doge-1 will now likely launch. He only stated that the satellite is likely to launch with the IM-2 or another mission that Space X launches. It, however, depends on when the Doge-1 is finally shipped to the US. 

Dogecoin price chart from Tradingview.com

 

Featured image from CoinGape, chart from Tradingview.com

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