Elon Musk’s Boring Company to Accept Dogecoin (DOGE) for Payments
Dogecoin (DOGE) climbed by over 2% on the news that clients can use the memecoin to buy The Boring Company’s new perfume.
The Boring Company – an underground tunneling system company established by Elon Musk – diversified its operations by launching a new perfume.
The firm allowed customers to pay for the product with Musk’s favorite cryptocurrency – Dogecoin.
DOGE Is Among the Payment Options
It is no secret that the world’s richest man – Elon Musk – is a keen proponent of the first ever memecoin -Dogecoin. Over the past few years, he had admitted investing some of his personal wealth in it and had praised the token’s merits on multiple occasions.
In August, the entrepreneur opined that Dogecoin has a better transactional capacity than Bitcoin. To prove his point, he noted that it takes 60 seconds to complete DOGE transactions, while such with BTC take about 10 minutes.
Unsurprisingly, some of the companies that Musk runs are also supportive of the asset. The EV giant – Tesla, the spacecraft manufacturer – SpaceX, and the tunnel construction services firm – The Boring Company – have all embraced DOGE as a means of settlement.
In a recent tweet, Musk revealed that The Boring Company introduced a rather unusual product: a fragrance whose aroma reminds of “a candle at the dinner table.” Apart from paying in fiat currency, customers are able to buy the perfume in Dogecoin, the billionaire outlined.
And you can pay with Doge!— Elon Musk (@elonmusk) October 11, 2022
Once again, Musk’s latest interaction with the token positively affected its valuation. It currently trades at $0.060421, a 2.3% increase compared to yesterday’s figures.
Despite the recent price pump, DOGE is far from its all-time high records from last spring when it reached $0.74.
Dogecoin’s Reaction to Musk-Twitter News
Earlier this year, the South African-born entrepreneur purchased more than 70,000,000 Twitter shares (9.2% of the company), displaying intentions to eventually buy the social media platform for $44 billion. Hours later, DOGE skyrocketed by 33%, surpassing $0.15 per coin.
While Twitter agreed on the sales conditions, Musk had not yet said his final word. In July, he claimed that the organization had not “complied with its contractual obligations” and did not solve its issues with fake accounts and scams, leading to the termination of the agreement.
Last week, Tesla’s CEO changed his stance, saying he is ready to buy Twitter for $54.20 per share – approximately $44 billion, which was the original bid. Hours later, DOGE soared by over 8%.