Benzinga | Jul 14, 2021 07:19PM EDT

Axe Deodorant Teases Launching A Dogecoin-Inspired Scent Called Dogecan

What Happened: Axe, a leading men's deodorant brand, appears to be capitalizing on the effect that the widely popular meme-based cryptocurrency Dogecoin (CRYPTO: DOGE) has had on the world.

The fragrance company teased a potential Dogecoin-inspired scent with a Tweet on Tuesday that drew in appreciation from the popular cryptocurrency's wide fanbase.

hey #dogearmy who's ready for the #dogecan ? pic.twitter.com/NlxJiEtaPg

-- AXE (@AXE) July 13, 2021

Axe first introduced the idea on April 20 this year -- a day celebrated as "Doge day" by the Dogecoin community.

"If it gets to $1, we'll make it happen," said the company in a tweet.

Dogecoin's price didn't quite pump the way many anticipated it would on Doge day and instead fell by over 20% from $0.41 to $0.30.

Read also: Dogecoin Creator Reflects On Why He Put Money In His Savings Account And Not DOGE

In fact, although the cryptocurrency went on to rally to a high of $0.73 in the days leading up to the Tesla Inc (NASDAQ:TSLA) CEO Elon Musk's appearance on SNL, it has since fallen in value by over 70% to a price of $0.19.

Still, despite the fact that the cryptocurrency is presently nowhere near a milestone $1 in value, Axe's latest tweet has reinforced the idea that a Dogecoin deodorant could be on the horizon.

it's happening ~ https://t.co/MoP04CNy8u pic.twitter.com/BTytCrHL1P

-- Shibetoshi Nakamoto (@BillyM2k) July 13, 2021

"It's happening," said Dogecoin creator Billy Markus on Twitter, after commenting that he would "like to smell Doge."

Of late, Markus has also been getting in on the Doge hype by selling "Crappy Dogecoin Doodles" as NFTs on Rarible.

Price Action: At press time, Dogecoin was trading at $0.1972, losing 1.33% over the past 24-hours.

The meme-based cryptocurrency has lost over 16.88% of its value over the past seven days.