Axe, one of the trendiest deodorant brands for men, seems to be taking advantage of the popularity of meme-based crypto, Dogecoin, and its current impact on the world. On Tuesday, the fragrance brand Axe, via a tweet, hinted at launching a scent called Dogecan that will be inspired by Dogecoin. The tweet was well received by the cryptocurrency fans.
— AXE (@AXE)
Axe revealed the plan on April 20, 2021, a day revered and celebrated by Dogecoin enthusiasts. In the recent tweet, the company was quoted saying that if the price gets to $1, then they’ll make it happen. Unfortunately, Dogecoin disappointed on its big day, Doge day, and instead, its price dropped to $0.31 from $0.41. This was a fall of over 20%. Although the cryptocurrency’s price appreciated reaching highs of $0.71 after Tesla CEO, Elon Musk appeared on SNL, its price again dropped to $0.91, which was a fall of over 70%
How Musk’s SNL Appearance Impacted Dogecoin
Miley Cyrus, a celebrity, together with Elon Musk, a market influencer, created Dogecoin’s hype with tweets before the show was aired. Miley Cyrus was one of the co-hosts. Being a market influencer, Elon Musk’s tweet contributed to the rise in the value of Dogecoin at the time but things went back to normal when the buzz and hype were over.
Although Dogecoin is yet to achieve the targeted milestone, $1, the recent tweet by Axe suggests they’re on course with their initial plan and they’re about to make a Dogecoin-inspired deodorant – Dogecan. Billy Markus, Dogecoin’s creator, said in the tweet that “it’s happening”. That was after his comment that said he’d like to smell Doge. Lately, Markus has also joined the Doge buzz by selling “Dogecoin Doodles” on Rarible as Non-fungible Tokens (NFTs).
Dogecoin’s Current Status and Future
At the time of going to the press, Dogecoin had lost 1.33% in the past 24 hours and was trading at $0.197. In the last week, Dogecoin’s price has dropped by 16.8%. Like the other popular cryptos, particularly Bitcoin, Dogecoin hasn’t been conforming to the typical laws influencing the general financial markets, but rather, its price has been reliant on market shapers and influencers.
Typically, and as we’ve seen in the recent past, Dogecoin’s price thrives on influencers’ sentiments. If the sentiments are positive, its demand and value go up. However, the opposite is also true. Negative sentiments cause an opposite effect on meme-based crypto.