The price of dogecoin skyrockets as Elon Musk promotes the use of DOGE as payment for a new product

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Last Updated on October 12, 2022 by Bitfinsider

On Wednesday, Elon Musk announced that the Burnt Hair perfume sold by The Boring Company will now accept Dogecoin (DOGE) as a form of payment. As a direct consequence of this, the price of DOGE shoots up by more than 3%, going from a low of $0.057 to a high of $0.060. For the purpose of promoting the new product, Tesla’s CEO even altered his Twitter bio to read “Perfume Salesman.”

Burnt Hair Perfume is Being Promoted by Elon Musk of the Boring Company.
In a series of tweets published on October 12, Tesla CEO Elon Musk promotes the Burnt Hair perfume produced by his tunnel construction company, The Boring Company. Elon Musk decided to sell a perfume product that retails for $100 per bottle on Twitter, so he modified his Twitter bio to read “Perfume Salesman.”

In addition, he mentioned that customers have the option of paying for the Burnt Hair perfume with Dogecoin. The CEO of Tesla has demonstrated his dedication to Dogecoin by continuing to advocate for its use in monetary transactions.

Elon Musk made the announcement on Sunday that The Boring Company will be releasing the Burnt Hair perfume in the first quarter of 2023. The product will be available for purchase at that time. The Boring Company has released its second product with this. Over 20,000 of the propane-powered “Not-A-Flamethrower” flamethrowers have already been sold since the company’s initial launch of the product.

While Elon Musk is being trolled by the cryptocurrency community on Twitter, he has managed to pre-sell over 10,000 bottles of his Burnt Hair perfume. The Dogecoin community, on the other hand, is pleased with Elon Musk’s decision to pump the price of memecoin DOGE.

The cryptocurrency market is still experiencing significant selling pressure ahead of the release of U.S. consumer price index data and the high rising U.S. dollar index (DXY). The price of Bitcoin and Ethereum is continuing their trend of moving in a sideways direction.

During this time, the price of Dogecoin (DOGE) has increased by more than three percent in just one day due to Elon Musk’s promotion of his perfume. The lack of movement in the trading volume is a sign that traders are not interested in the market. The low point over the past 24 hours is $0.059, while the highest point is $0.060.

In addition, after Elon Musk agreed to move forward with the $44 billion buyout of Twitter at a price of $54.20 per share, he pledged cryptocurrency for the social media platform. Concerns were raised, however, as a result of the drama that surrounded Apollo Global Management and Sixth Street Partners’ decision to withdraw their financing for the deal. On the other hand, he stated that the companies never contributed to the financing of the deal.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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