Dogecoin Price Prediction as Elon Musk Launches Fragrance Accepting DOGE Payments

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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, 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. 

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The biggest news for DOGE seems to be the recent launch of Burnt Hair, a fresh fragrance launched by Elon Musk. 

Musk shared the fragrance's first look in the early hours of Wednesday. The billionaire 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 had been sold. However, the billionaire has yet to confirm how many bottles were bought using DOGE. 

Burnt Hair is the second recent notable DOGE-related development coming from Musk. 

Last week, Musk's lawyers filed to complete his $44 billion