- Dogecoin adoption continues to rise thanks to Elon Musk. Elon Musk’s Boring Company will now accept payments with this popular meme coin for Loop-rides.
According to a recent report by CNN, Elon Musk’s infrastructure and tunnel construction services company Boring Company has provided support for Dogecoin payments. Users of The Boring Company are now meme-based cryptocurrency Dogecoin (DOGE) They will be able to pay for trips on the Las Vegas transit system Loop using
The new payment solution was launched Friday at the opening of a new Loop station outside the city of Las Vegas, according to a CNN report released today.
Loop Services
The Loop is a public transportation system developed by The Boring Company that transports people to their destinations with Tesla cars without intermediate stops.
These Tesla vehicles travel at 35 mph, which is much lower than Elon Musk’s fast cars, which move at 150 mph. However The Boring Company‘s founder, Musk, plans to increase the speed of the vehicles used by the infrastructure company.
Loop payment method
While loop rides are currently free, the company has plans to require payments from travelers soon. When payments for loop rides finally begin, passengers are expected to be charged $1.50 for single rides, versus $2.50 for daily passes.
Paying for the platform’s transport service is pretty easy. Passengers can purchase tickets for cruises by scanning a QR on the wall at the new Resorts World station.
People can now choose the biggest meme cryptocurrency when paying for trips, or users who are not into crypto can use credit cards by choosing alternative payment methods.
Musk promotes Dogecoin adoption
This development, involving Elon Musk’s company, is thought to be part of the Tesla executive’s efforts to support mainstream adoption of Dogecoin. Musk has previously continued to support Dogecoin through his platforms, including Tesla and SpaceX.
The technology giant, which has recently been approved to buy Twitter, announced that DOGE enthusiasts can now buy products from SpaceX.
This support of Musk for DOGE was critical in bringing the cryptocurrency, which was released as a joke in 2013, to the fore in 2020 after a series of tweets.
Musk’s DOGE support has caused him to face a major lawsuit
However, Musk’s support for DOGE caused the tech giant and its companies to face a huge compensation lawsuit. The attacker in the indictment; The tech boss sought $258 billion in damages, alleging that Musk was involved in a Pyramid Scheme that allegedly helped Dogecoin widespread adoption.
Defending himself on this issue, Musk stated in a recent statement that he did not tell anyone to buy DOGE, but he continued to own DOGE.
“I never said that people should invest in crypto. In the case of Tesla, SpaceX and me, we all bought some Bitcoin, but this is a small percentage of our total cash holdings, I also bought Dogecoin, Tesla accepts Dogecoin for commercial products and I personally intend to continue to support dDogecoin.”
JUST IN: “I have never said that people should invest in crypto. In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets,” says Elon Musk https:/ /t.co/BLcp2WIvub #QatarEconomicForum #منتدى_قطر_الاقتصادي pic.twitter.com/R1ZfRGxWBR
— Bloomberg Live (@BloombergLive) June 21, 2022
Effect on Price
The Boring Company‘s support for DOGE has had a slight impact on the value of the cryptocurrency. According to Coinecko data, Dogecoin, which was trading around $0.068 at the time of writing, has increased by 2.6 percent in the last 24 hours.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.