Elon Musk has found himself in the news again as The Boring Company, an infrastructure and tunnel construction services company owned by the serial entrepreneur announced that customers can pay for rides on its Las Vegas transit system “Loop” using Dogecoin (DOGE).
This announcement was made on Wednesday, July 6, per a report by Cable News Network (CNN). This news comes on the back of May’s announcement of SpaceX soon accepting Dogecoin as a payment option for merchandise, joining Tesla.
Loop allows passengers to travel in Tesla vehicles driven by humans at around 35 miles per hour (mph). Riders need to scan a QR code to buy a ticket. As of July 2022, Loop rides are free.
With that said, the company plans on rolling out charges to passengers in the not-too-distant future. Despite the listing of DOGE as a payment method, customers who are not interested in the use of the meme-inspired currency are free to use other alternative methods of payment.
In 2021, while DOGE reached new price milestones, The Boring Company landed a great deal to construct more than 50 stations which is a part of a massive tunnel network underneath 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, per data from CoinMarketCap.
The coin was exchanging hands for $0.06879, had a trading volume of approximately $378.62 million, and this corresponded to a market capitalisation of around $9.12 billion.
Despite the downturn of the market, this statistic is impressive since it maintains DOGE as a medium-cap digital asset (at least $2 billion and at most $10 billion in market value) which continues to make strides to reclaim its large cap status.
Despite being sued by an investor for billions of dollars lost in Dogecoin investments, Musk took to Twitter to say, “Support DOGE wherever possible.”
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