Dogecoin Price Prediction as Elon Musk Launches Fragrance Accepting DOGE Payments
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Elon Musk, the billionaire industrialist and Dogecoin enthusiast, has launched a new fragrance that can be purchased using Dogecoin.
Can this be the catalyst for DOGE’s jump, especially with the market's bear run?
DOGE Price Movement
DOGE, one of the best meme coins, has been bearish for the past few days. The digital asset currently trades at $0.06045. Although DOGE has pumped by 0.38% in the past 24 hours, its weekly price peg indicates a downtrend of 7%.
DOGE’s technicals show that the crypto asset currently trades above all of its short-term moving average (MA) indicators; however, its 100-day and 200-day MAs ($0.06070 and $0.0609) are above its current price.
With a positive moving average convergence divergence (MACD), DOGE indicates a buy signal. In addition, the crypto asset's relative strength index (RSI) of 58.11 reveals that it’s not massively overbought.
Elon Musk’s New Fragrance Accepts DOGE
The biggest news for DOGE seems to be the recent launch of Burnt Hair, a fresh fragrance launched by Elon Musk.
The billionaire shared the fragrance's first look in the early hours of Wednesday. Musk included a purchase link hosted by The Boring Company, his tunnel construction project.
Each bottle of Burnt Hair costs $100, and Musk confirmed that DOGE payments are accepted for the cologne. Just a few hours after announcing it, Musk confirmed that 10,000 bottles of Burnt Hair have been sold. However, the billionaire has yet to confirm how many of those bottles were bought using DOGE.
Burnt Hair is the second recent notable DOGE-related development coming from Musk.
DOGE’s Twitter Takeover
Last week, Musk's lawyers filed to complete his $44 billion takeover of Twitter, possibly bringing an end to a back-and-forth that has gone on for months between both parties.
According to phone transcripts, the billionaire proposed that users pay a small fee in DOGE whenever they’d like to tweet or retweet something. It remains unclear whether this will be possible, but there is growing confidence that Musk will include a role for DOGE to play as he takes over Twitter and reshapes the social networking giant.
Google Cloud Integrates DOGE
Another bullish news for DOGE is Google’s partnership with notable crypto exchange Coinbase. According to reports, the internet conglomerate has partnered with Coinbase to accept crypto payments for its Google Cloud service.
At its Cloud Next conference, Google Cloud Vice President and General Manager Amit Zavery explained that Google will start accepting crypto payments from a “handful” of customers through its integration with Coinbase Commerce, a payment tool for businesses. Coinbase Commerce currently accepts payments in Bitcoin (BTC), Ethereum (ETH), DOGE, and Tether (USDT).
Although the terms of the deal haven’t been disclosed, Jim Migdal, Vice President of business development at Coinbase, reportedly announced that the deal will follow other arrangements with Coinbase Commerce. The exchange will likely receive a cut of every transaction that goes through the system.
Dogecoin is an interesting asset for prospective investors in the crypto space. However, investors looking to make a meaningful change can consider IMPT, the native token for Impact Protocol.
Impact Protocol intends to use blockchain to fight climate change by allowing users to purchase carbon credits. Its IMPT token presale is one of the best crypto presales currently, already raising $3 million. Investors can buy IMPT tokens on the website.