Elon Musk's Company Starts Accepting SHIB, DOGE Payments For 'Burnt Hair' Fragrance

Tesla chief executive officer and soon-to-be Twitter owner Elon Musk is a vocal advocate of cryptocurrency, particularly of the dog-themed altcoin Dogecoin. Interestingly, one of his companies has started to accept DOGE and Shiba Inu as forms of payment for The Boring Company's (TBC) new product — "Burnt Hair."

This product is not a new iteration of the famous flamethrower that The Boring Company sells. Instead, it is a quirky product in the form of perfume.

The world's richest man proved he was one of the best salesmen in the world when he made $1 million by selling 10,000 bottles of the fragrance, priced at $100 per bottle and described as the "essence of repugnant desire," in just a few hours after its launch.

It was already expected that Musk's The Boring Company would accept Dogecoin as a form of payment, but what made the product launch surprising was the company's willingness to accept Shiba Inu and several other crypto assets as a form of payment for the product.

This move was made possible by Bitcoin payment service provider BitPay, which allows merchants to accept cryptocurrencies as payment. Aside from SHIB, the service provider also supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), ApeCoin (APE), Litecoin (LTC), Dogecoin (DOGE), Euro Coin (EUROC) and five USD-pegged stablecoins, namely GUSD, USDC, USDP, DAI and BUSD.

Based on his updated Twitter bio, Musk now calls himself a "perfume salesman." He even came up with a tweet acknowledging the inevitability of his move to venture into the fragrance business, especially considering his name.

"With a name like mine, getting into the fragrance business was inevitable – why did I even fight it for so long!?" he wrote.

Musk later encouraged people to purchase the perfume so he "can buy Twitter."

Musk's decision to accept SHIB as payment for the perfume was well-received by the Shiba Inu community, more popularly known as the Shib Army.

Former Shiba Inu Growth Breed member and social media influencer @GossipShib commented in one of Musk's tweets about the new product and said she purchased ten bottles of it.

Another Shib Army who goes by the Twitter handle @army_shiba said they would also buy a bottle of the perfume with SHIB.

In response to the tweet, a Shib Army who goes by the Twitter name @Jolt_yourday suggested they could use BitPay so they could purchase the product with Shiba Inu.

As of 9:00 p.m. ET Thursday, SHIB, the native token of the Shiba Inu ecosystem, was trading down 2.95% at $0.000009874 with a 24-hour volume of $304,894,410.

As for Dogecoin, it was trading down 2.60% at $0.05839 with a 24-hour volume of $375,992,122 at around the same time, based on the latest data from CoinMarketCap.