Dogecoin (DOGE) climbed more than 2% following news that clients can use meme coin to purchase The Boring Company's new perfume.
The Boring Company - the underground tunneling company founded by Elon Musk - has diversified its operations with the launch of a new perfume.
The company allowed customers to pay for the product with Musk's favorite cryptocurrency - Dogecoin.
DOGE is one of the payment options
It's no secret that the world's richest man - Elon Musk - is an ardent supporter of the first ever memecoin - Dogecoin. He has admitted to investing some of his personal wealth in it over the past few years and has praised the token's merits on numerous occasions.
In August, the businessman said that Dogecoin has a better transaction capacity than Bitcoin. To prove his point, he noted that DOGE transactions take 60 seconds to complete, while those with BTC take about 10 minutes.
Unsurprisingly, some of the companies Musk runs are also backing the asset. Electric giant Tesla, spacecraft manufacturer SpaceX, and tunneling firm The Boring Company have all adopted DOGE as a means of settlement.
In a recent tweet, Musk revealed that The Boring Company has introduced a somewhat unusual product: a fragrance that smells like a "dining table candle." In addition to paying in fiat currency, customers can buy the perfume in Dogecoin, the billionaire outlined.
Musk's latest interaction with the token has again positively impacted its valuation. It is currently trading at $0.060421, up 2.3% from yesterday's data.
Despite the recent price pump, DOGE is far from its highs of $0.74 last spring.
Dogecoin Reaction to Musk-Twitter News
Earlier this year, the South African-born entrepreneur bought more than 70,000,000 shares of Twitter (9.2% of the company), signaling his intentions to eventually buy the social media platform for $44 billion. A few hours later, DOGE soared 33% to surpass $0.15 per coin.
While Twitter has agreed to the terms of the sale, Musk has yet to have his final say. In July, he claimed the organization had "failed to live up to its contractual obligations" and had failed to address its issues with fake accounts and fraud, leading to the termination of the contract.
Last week, Tesla's CEO changed his stance, saying he was ready to buy Twitter for $54.20 a share — about $44 billion, which was the original offer. A few hours later, DOGE was up more than 8%.
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