SpaceX will next year launch a rocket entirely funded by cryptocurrency dogecoin.

Dogecoin is a digital asset that is best known for its logo and name, based on the image of a dog from the "Doge" meme.

Elon Musk, who owns the company, confirmed the plans on Twitter.

"SpaceX launching satellite Doge-1 to the moon next year – Mission paid for in Doge – 1st crypto in space – 1st meme in space", wrote the billionaire in a tweet.

The “DOGE-1 Mission to the Moon” will involve Geometric Space Corporation (GSC) mission management collaborating with SpaceX to launch a 40kg cubesat as a rideshare on a Falcon 9 lunar payload mission in the first quarter of 2022.

The payload will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.

"This mission will demonstrate the application of cryptocurrency beyond Earth's orbit and set the foundation for interplanetary commerce," said Tom Ochinero, SpaceX vice president of commercial sales. "We're excited to launch DOGE-1 to the Moon!"

Geometric Energy's chief executive officer Samuel Reid said: "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."

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