- Musk promotes a new fragrance and accepts Dogecoin as a payment option.
- DOGE’s price may likely rise, creating investment opportunities for traders.
On October 12, the world’s richest man, Elon Musk, took to Twitter to announce the launch of his new business, a perfume he named “Burnt Hair.” Musk notes that the fragrance is from The Boring Company, one of the companies he has founded. He added that interested persons can pay with Dogecoin, describing it as “the finest fragrance on earth.”
The SpaceX CEO teased that getting into the fragrance business was inevitable because of his name. According to the shopping page, the fragrance would cost $100 and includes tax and shipping charges. This price corresponds to 1650 DOGE based on current exchange rates.
It is important to note that anyone who pays now will receive their shipment by Q1 2023. Following the announcement, the Tesla CEO has since changed his Twitter bio to ‘perfume salesman.’
And you can pay with Doge!
— Elon Musk (@elonmusk) October 11, 2022
The product’s description page claims that the perfume would make “you smell like bent over a dinner candle.” Many people are confused by this description. However, some compared this description to the “not-a-flamethrower” product, which the company launched four years ago. The company sold more than 20,000 units of that product.
The boring company isn’t the only Elon Musk-owned company accepting DOGE payments. Last month, Elon Musk’s Tesla launched CyberWhistle, and customers can buy the product using Dogecoin. CyberWhistle is a premium-grade collectible characterized by medical-grade stainless steel and a polished finish.
Previously, Musk has revealed that DOGE is a better payment option than Bitcoin. Hence, it isn’t any surprise that he continues to promote the meme-themed cryptocurrency by allowing some of his companies to accept DOGE payments. Nearly six hours after announcing the launch of his Burnt Hair perfume, Musk tweeted an update saying his company has sold 10,000 bottles of the fragrance.
The Musk effect on DOGE’s price
Recently, DOGE’s price surged by more than 8 percent after the world’s richest man revealed that he had renewed his interest in purchasing Twitter again. Meanwhile, Musk’s new announcement hasn’t significantly impacted DOGE price. The memecoin is only up 0.9 percent in the last 24 hours and trades at $0.0602, according to current data.
However, the coin’s trading volume is flat, indicating that traders are not interested in it. Earlier in the year, when the South African-born entrepreneur announced his intentions to purchase Twitter for $44 billion, DOGE’s price rose by 33 percent, trading at more than $0.15 per coin. Even though Musk has renewed his interest in purchasing Twitter, two financiers of the deal have backed out.
Apollo Global Management and Sixth Street have announced they are no longer interested in backing Musk for the purchase. Their decision is raising eyebrows among crypto Twitter. Musk is making the Dogecoin community happy by causing a rise in DOGE’s price.
Nevertheless, the crypto market remains under pressure as it awaits the US CPI data report scheduled for release this Thursday. Hence, it isn’t surprising that the prices of Bitcoin and Ethereum are moving in a sideways trend.
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