Elon Musk’s Boring Company Accepting DOGE Payments for Loop Rides

The Boring Company, an Elon Musk-founded infrastructure and tunnel construction company, has embraced Dogecoin (DOGE) payments. CNN reported on July 6, noting that the firm integrated the meme coin payment option into Loop, its Las Vegas transit system. This integration symbolizes Musk’s latest support for the canine-themed meme coin.

The DOGE payment option became available after the company launched a new Loop station at Resorts World. This is the first station outside the Las Vegas Convention Center, which already has three stops. At the moment, Loop rides are free. However, The Boring Company eventually intends to start charging.

Once the firm starts charging, DOGE enthusiasts can purchase tickets by scanning a QR code. The QR code will be strategically placed on a wall at the new Resorts World station. Single rides will set users back $1.50, while daily passes will go for $2.50. Loop users will also have the option to pay through traditional credit cards or US dollars. 

DOGE Continues Trading Sideways

The Boring Company plans to construct over 50 stations on the Vegas strip. At the moment, Loop involves human drivers ferrying passengers on Tesla cars at speeds of up to 35 mph. However, the company plans to automate the system and increase speeds to 150 mph.

These developments would likely open the Loop system to more users and potentially boost the use of DOGE.

However, DOGE’s price does not seem to have responded positively to this news. At the time of writing, the meme token is changing hands at $0.0687 after gaining 1.77% in the day. The token’s current price represents a 90.78% drop from its May 8, 2021 ATH of $0.7376.

Despite the poor price performance, DOGE has maintained its position as a top-10 cryptocurrency by capitalization. With a market cap of $9,116,719,884, DOGE is currently the 10th-largest crypto. 

Supporting the People’s Crypto

Meanwhile, Musk continues pushing for DOGE to go mainstream. The SpaceX and Tesla CEO previously noted that DOGE is better suited for daily payments than Bitcoin (BTC).

Explaining why he supports Dogecoin Musk said:

Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.

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Apart from Loop, Tesla allows customers to buy some merchandise in DOGE. Musk also announced that SpaceX would soon enable DOGE payments for merch.

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