Elon Musk Back To Promoting Doge as a Payment Method for New Cologne

Elon Musk’s Boring Company accepts Dogecoin for a new omnigender perfume, Burnt Hair.

At press time, Musk’s tunneling company had sold 10,000 bottles at $100 apiece to rake in $1 million.

Who said DOGE has no utility?

According to Musk, now a self-proclaimed Perfume salesman, The Boring Company will also accept payments for Burnt Hair in Dogecoin using BitPay. BitPay also processes payments made in SHIB, another dog-themed memecoin.

The perfume, already listed on eBay for between $200 and $1,000, will ship in Q1 2023.

In May 2022, the billionaire told Dogecoin co-founder Billy Markus that he sees future utility in the memecoin.

In July 2022, the Boring Company, founded to construct underground tunnels enabling rapid transit, said it would accept Dogecoin as a form of payment. Initially, customers could pay $1.50 worth of DOGE to ride the Las Vegas Loop transit system.

Musk’s automotive company Tesla and spacecraft manufacturing company, SpaceX, also accept payments in DOGE. The Tesla Cyberwhistle recently went on sale for 1,000 DOGE.

Reports surfaced in Oct. 2022 that Musk had reportedly engaged in telephone conversations discussing the possibility of charging 0.1 DOGE per tweet or retweet before a renewed push to buy Twitter at $54.02 a share.

Musk has been a vocal proponent of the world’s largest memecoin since being asked about it by “not so wealthy people,” he revealed in an interview at the Qatar Economic Forum. 

Notably, the billionaire said that his crypto investments are negligible and that he began promoting DOGE after being asked by factory employees at Tesla and SpaceX.

“I just have a lot of people who are not that wealthy who have encouraged me to buy and support those coins. They’ve asked me to support those coins so I’m doing so, ” Musk said in June 2022.

Musk’s effect on DOGE price

Historically, DOGE price behavior has tracked sentiments in Musk’s tweets about the memecoin. 

While largely positive, with some tweets sending the memecoin rocketing by 20% to 85%, other tweets have resulted in bearish price behavior.

In Feb. 2021, the price of DOGE fell 20% following Musk’s criticism that the memecoin was concentrated in the hands of a few followers.

Following the Burnt Hair announcement, DOGE is uncharacteristically down 0.4%, as even the billionaire’s bullish tweet could not rouse it from its bearish slumber. At press time the price is $0.06.

According to Be[In]Crypto’s recent DOGE technical analysis, the memecoin could see a bullish breakout within the week after initially falling to $0.051.

DOGE could see a more long-term rally following an update to its Core software later this year, and then again in March 2023.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here