Elon Musk found himself in the news again as The Boring Company, an infrastructure and tunnel construction services company owned by the serial entrepreneur, announced customers could pay for rides on its system Las Vegas public transit “Loop” using Dogecoin (DOGE).
This announcement was made on Wednesday, July 6, according to a report by Cable News Network (CNN). This news follows the May announcement of SpaceX soon to accept Dogecoin as a payment option for goods, joining Tesla.
Loop allows passengers to travel in human-driven Tesla vehicles at approximately 35 miles per hour (mph). Passengers must scan a QR code to purchase a ticket. Since July 2022, loop trips are free.
That said, the company plans to roll out passenger fees in the not-too-distant future. Despite listing DOGE as a payment method, customers who are not interested in using the meme-inspired currency are free to use other alternative payment methods.
In 2021, while DOGE has reached new price milestones, The Boring Company has landed a lot to build more than 50 stations that are part of a vast network of tunnels under Las Vegas.
This year has not been good for cryptocurrencies and the first meme-inspired digital currency has been one of the hardest hit coins.
As of 11:15 a.m. BST on Thursday, July 7, DOGE was down 90.76% from its all-time high (ATH) of $0.7376 recorded on May 8, 2021, according to data from CoinMarketCap.
The coin was trading hands for $0.06879, had a trading volume of around $378.62 million, which corresponded to a market capitalization of around $9.12 billion.
Despite the market downturn, this stat is impressive as it maintains DOGE as a mid-cap digital asset (at least $2 billion and at most $10 billion in market value) that continues to make strides to recover its large cap status.
Although for follow-up by an investor for billions of dollars lost in Dogecoin investments, Musk took to Twitter to say, “Support DOGE whenever possible.”
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