Elon Musk Announces Dogecoin as a Means of Payment for New Perfume Products

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The Boring Company, Elon Musk’s underground tunnelling company, has broadened its scope with the launch of its own perfume. The company has announced to their potential customers that they could make payments for their new product with Dogecoin.

DOGEUSD rose by 3% after the announcement was made known via Twitter. Elon Musk’s recent involvement with the coin had an immediate impact on the crypto world, positively. Dogecoin is currently valued at $0.0601, increasing by almost 3% from its previous value. However, DOGE remains far from its highest price of $0.74.

Key Dogecoin Levels to Watch — October 13

Dogecoin remains on a downtrend, despite the recent interaction with Elon Musk’s establishment. The coin, just like most of the top cryptocurrencies, is on a decline, save for the attempt by DOGE traders to drive the price upward. 

Elon Musk Announces Dogecoin as a Means of Payment for New Perfume Products

Dogecoin was able to reach $0.0620 after the announcement by the latest perfume maker, The Boring Company, but has since continued to depreciate. The Super-Trend indicator, since the middle of August, has indicated bearishness. 

The Moving Average period 9 indicated the same motion for the Dogecoin market. The indicator lines above the recent daily candles display the market’s downward motion. DOGE has, however, maintained its position among the top 10 cryptocurrencies, despite the current bearish waves in the crypto world.

Dogecoin Key Levels
Resistance Levels: $0.0670, $0.0930, $0.1660 
Support Levels: $0.0580, $0.1120, $0.1460

Total Market Capitalization: $922.9B
Doge Market Capitalization: $$7,997,646,094
Doge Volume: $$238,932,763
Market Rank: #10

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.