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Elon Musk Adds Extra Utility For DogeCoin (DOGE) and Shiba Inu (SHIB)

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Elon Musk, the Chief Executive Officer (CEO) of Tesla and the world's richest man has added to the use cases of the two largest decentralized meme tokens, Dogecoin (DOGE) and Shiba Inu (SHIB).

On Wednesday, the Tesla Chief and renowned entrepreneur announced the launch of his first perfume sale. The perfume labeled "Burnt Hair" is one of the products of The Boring Company which is associated with Elon Musk.

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According to the company, the Burnt Hair perfume is priced at $100. While it can be purchased with cash via PayPal, Elon Musk who described the perfume as the 'finest fragrance on Earth' wrote in a Twitter comment that users can acquire it using DOGE as the payment method.

Bitpay, the pioneer crypto payments service provider is the channel through which The Boring Company can receive DOGE for the flagship Burnt Hair perfume. Since Bitpay has integrated several other digital currencies like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB), holders of the Shiba Inu token can use the meme token for purchasing the commodity.

This recent announcement further demonstrates the billionaire's unquenchable support for the memecoin (DOGE) which is currently the 10th largest cryptocurrency by market capitalization. However, Shiba Inu (SHIB), which is the second-largest memecoin is not known to be Musk's favourite crypto.

Data showed that over 10,000 Burnt Hair perfumes have already been sold so far.

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Elon Musk and Dogecoin (DOGE)

It is worth noting that Dogecoin (DOGE) is the first ever memecoin in existence. Since the digital asset started as a joke, it never got significant adoption in its early days and was still trading for a very low price.

However, Dogecoin came to the limelight following the Tesla CEO's support. Since then, the token which saw a very low interest from investors became one of the popular cryptos, rising to the top 10 by market capitalization. At the time of writing, the market cap of Dogecoin is approximately $7.9 billion, according to data retrieved on Coinmarketcap.

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