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Dogecoin Prices Skyrocket as Elon Musk Promotes DOGE Payment

On October 12, Tesla CEO Elon Musk advertises his tunnel construction firm The Boring Company's Burnt Hair perfume in a series of tweets. As a result, Dogecoin price increased.

12-Oct-2022 By: Ashish Sarswat
Dogecoin Prices Skyr

On Wednesday, Elon Musk announced that 

The Boring Company's Burnt Hair perfume will accept Dogecoin (DOGE) as payment. 

As a result, the DOGE price rises by more than 3%, from $0.057 to $0.060. Tesla's CEO even altered his Twitter bio to "Perfume Salesman" to advertise the new product.

Tesla CEO Elon Musk advertises his tunnel construction firm The Boring Company's Burnt Hair perfume in a series of tweets on October 12. Elon Musk updated his Twitter bio to "Perfume Salesman" in order to sell the perfume product for $100 per bottle on Twitter.

Furthermore, he stated that individuals can purchase the Burnt Hair perfume with Dogecoin. Tesla CEO continues to support Dogecoin for payments, showing his commitment to the cryptocurrency.

Elon Musk announced on Sunday that The Boring Company would release the Burnt Hair perfume in the first quarter of 2023. It is his Boring Company's second product. Previously, the company released the "Not-A-Flamethrower" propane-powered flamethrower, which has sold over 20,000 units.

While the crypto Twitter trolls him, Elon Musk has sold over 10,000 pre-orders for his Burnt Hair perfume. However, the Dogecoin community is pleased with Elon Musk's decision to boost the memecoin DOGE price.

Dogecoin Price Soars

The crypto market remains under pressure ahead of the US CPI report and the rapidly rising US dollar index (DXY). The price of Bitcoin and Ethereum remains in a sideways trend.

Meanwhile, Dogecoin's (DOGE) price has risen by more than 3% in a single day as a result of Elon Musk's perfume advertising. The trading volume is unchanged, indicating that traders are uninterested. The low and high for the day are $0.059 and $0.060, respectively.

Furthermore, Elon Musk pledged DOGE for Twitter after he agreed to proceed with a $44 billion purchase of Twitter at $54.20 per share. However, the turmoil surrounding Apollo Global Management and Sixth Street Partners' refusal to fund the deal prompted some concerns. However, he stated that the businesses were never involved in funding the transaction.

Read also: RIPPLE PRICE ANALYSIS CMP-$0.4870: XRP Maintains Gains Near the Rising Channel Bottom

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