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Elon Musk accepts DOGE to release his new scent. Could this be a catalyst for Dogecoin?

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Elon Musk, the richest man in the world and an ally of Dogecoin, launched a fragrance called “Burnt Hair” and made his debut. On October 12, 2022, Elon took to Twitter to announce the launch of his new fragrance with his ‘Boring Company’ and considered Burnt Hair the best fragrance on earth. The highlight of the entire fragrance launch was the fact that people could buy with Dogecoin.

Moving on, Musk added more tweets – “an everything product” and “do not shine more than this” – to further promote the aroma.

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The fragrance is $100, which is about 1,655 dogs at its current price. Furthermore, in a follow-up update tweet, Elon said 10,000 pieces of Burnt Hair have already been sold, which dropped to about $1 million in sales just hours after its release. However, Musk has not confirmed the number of bottles purchased with Dogecoin.

Customers still need to wait until the first quarter of 2023 to get the product.

Could this be a catalyst for Dogecoin?

This is not the first time Musk has called for Dogecoin. Elon initially made a similar move when he accepted DOGE for Tesla as payment for some merchandise. This carried over to other companies such as SpaceX’s moon Mission and The Boring Company Vegas loop.

But, even with all these endeavours, DOGE’s price has continued to struggle over time to impress investors or Elon himself. This clearly indicates that DOGE may not see any significant upside with this latest activity.

Currently, DOGE is trading at $0.05975, a decrease of 0.26%. Besides a slight drop, DOGE was trading at $0.0602, up 0.9%, after the world’s richest man announced perfume and Dogecoin as payment.

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However, investors are still hesitant about the coin as its trading volume has remained flat.

Although Musk’s latest announcement didn’t affect the price of DOGE significantly, the most recent event that raised its price by 8% was when Elon stated his desire to buy Twitter back in a tweet, which was again later canceled.

Musk’s moves that drove DOGE prices higher may make the Dogecoin community jubilant, but the fact that the short-term bullish trends are raising a lot of questions. Dogecoin is one of the most popular meme coins that Elon Musk continues to support and therefore, it will be interesting to see whether or not it will go through a steady phase of hill climbing in the future.

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Blockchain

Ankr posts $15 million to make users full as Helio stablecoin recovers after exploit

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Stablecoin Helio Protocol, which issues the HAY stablecoin pegged to the US dollar, He said In a Dec. 7 tweet, she said she had bought back $3 million worth of bad debt in HAY so far on the open market. The previous day, the blockchain infrastructure platform Ankr advertiser It will set aside $15 million to buy back bad debts generated from its recent exploitation and the resulting increase in HAY’s trading.

A series of seemingly unrelated incidents occurred on December 2 when a hacker tampered with vulnerabilities in Ankr’s smart contract code and compromised private keys following a technology upgrade. As a result, the hacker mined 20 trillion Ankr Reward Bearing Staked BNB (aBNBc), which was tied to BNB (BNB), and dumped them, with the aBNBc price dropping to less than $2 from about $300.

However, one trader then took advantage of the alleged hard-to-coding of pegged prices between aBNBc and BNB on the Helio protocol. The trader bought 183,885 aBNBc with just 10 BNB and used it as collateral to borrow 16 million HAY, which was then exchanged for 15.5 million USD (BUSD), Achieving a profit of 5,209 times from their original capital.

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After the exploit, HAY lost its peg and fell as low as $0.20 per coin before recouping most of its losses to trade at $0.96 at press time. Immediately after the incident, the Helio team stated that it would buy back the excess HAY and send it to the copy address. Originally, users were able to mint HAY by depositing BNB as collateral of 152%. The total value of the protocol was about $90 million before the accident.