Dogecoin (DOGE) Rises Above Support Line as Elon Musk Sells Fragrance in DOGE

Elon Musk, the world’s richest man and CEO of Tesla and SpaceX, has decided to ply his trade in the perfume industry. Elon “the Dogefather” Musk has proudly changed his Twitter bio to read simply: “Perfume Salesman”, and took time today to announce, what he calls, “the finest fragrance on Earth”. The exclusive omnigender fragrance, called “Burnt Hair”, is described as resembling the natural scent of “leaning over a candle at the dinner table, but without the hard work”.

Over 5,000 Bottles Sold in a Split-Second

Musk’s entrance into the perfume industry was met with great success, as the “Burnt Hair” fragrance sold more than 5,000 bottles within one hour and thirty minutes of its release. “The Dogefather” revealed that he had been contemplating a switch to the fragrance business for a long time, joking that it was simply “inevitable” due to his name. Naturally, members of the DOGE Army, known for being creative memers, took the time to portray Elon’s Musk in a wave of memes memorializing the Tesla CEO’s new vocation.

Dogecoin (DOGE) Back Above the Support Line

It’s no secret that top dog meme coins Dogecoin (DOGE) & Shiba Inu (SHIB) have both been knocked around by the brutal bears in this crypto winter. However, Dogecoin (DOGE) has managed to reclaim the crucial support line of $0.06, which had staved off the canine cryptocurrency for the better part of three months. Dogecoin (DOGE) can now lick its wounds after reaching the vital price point, but the achievement could still prove to be short-lived, as was seen in the case of the revival of Musk’s Twitter deal.

Following the reveal that Elon Musk was prepared to go through with the Twitter buyout deal, the top dog meme coin’s value initially rocketed 8% within a matter of minutes. Ultimately, however, it appears that The Dogefather’s influence over the market price of Dogecoin (DOGE) is beginning to wane. Be that as it may, mentions of Dogecoin (DOGE) on social media increased significantly, with the hashtags #DOGE & #DogeArmy trending on this Wednesday afternoon.

At press time, the #10 ranked Japanese dog-themed cryptocurrency Dogecoin (DOGE) is priced at $0.060343, according to CoinGecko. Although that marks a slight gain of 0.3% for the last 24 hours, the canine crypto is still down 8.8% in weekly terms.

On the Flipside

• Dogecoin (DOGE) is down 74% from its ATH (all time high) set over a year ago.
• DOGE’s 2% gains racked up in the wake of the fragrance’s announcement quickly retraced.

Why You Should Care

The Dogecoin (DOGE) community is one of the most active crypto groups on social media. It’s theorized that Dogecoin (DOGE) may be set for a significant role on Twitter if the acquisition of the micro blogging platform comes to fruition.

Read more about Dogecoin’s (DOGE) latest adventures:

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