Historically, the price action of Dogecoin has reacted rather well to news concerning entrepreneur billionaire Elon Musk.
This time, things are no different, as the price of Dogecoin has reacted to news of Musk adding cryptocurrency as a payment system in one of his new business ventures.
The Boring Company’s Strange New Venture
“The Boring Company,” according to its website, is an infrastructure and tunnel construction services company founded by the “doge father,” Elon Musk.
The company recently diversified its operations by launching a new perfume, bizarrely named “Burnt Hair.” Burnt Hair is a fragrance the company sells with an even stranger advertisement pitch, “the essence of repugnant desire.”
According to reports, the fragrance is selling like “hot cake” and was last reported to have sold as many as 10,000 bottles in a tweet from Elon Musk.
To put this into perspective, selling 10,000 bottles translates to $1 million in revenue for the company. This again proves Musk’s Claims that he can sell just about anything (including Dogecoin).
Dogecoin as a New Payment Option
After an announcement by Elon Musk via a tweet, The Boring Company has started accepting payments in Dogecoin (Musk’s favorite cryptocurrency). A single bottle of this “burnt hair” perfume reportedly costs $100, or about 1639 $DOGE at the time of writing.
After adding Doge as a payment option, it has now become more obvious that Dogecoin is one of the favorite cryptocurrencies of the world’s richest man.
Over time, Musk has mentioned investing a percentage of his wealth into cryptocurrency. He has even gone as far as mentioning that Dogecoin has a better transactional capacity than bitcoin.
In reality, Musk doesn’t appear to be wrong about this because while bitcoin has a block time of about 10 minutes, Doge has a block time of one minute.
Dogecoin Price Reaction
Once again, the price of Dogecoin has spiked as a direct result of Musk’s Influence. Last week, the price of dogecoin soared 33% in 24 hours after reports that Musk planned to buy the social media giant Twitter at the original $44 billion offer (a rate of $54.2 per share).
After this new development concerning The Boring Company’s new fragrance, Dogecoin’s price increased by about 2% over the past day and is now worth about $0.0601.
The price of Doge is currently testing the $0.0603 resistance and may either experience a breakout to the upside or a bounce to the downside as more investors cash in their profits.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)