Elon Musk’s Boring Company Now Accepts Dogecoin (DOGE) Payments For Loop Rides - The Crypto Basic
The Boring Company’s users can now make payments for rides on its Las Vegas transit system Loop, using meme-based cryptocurrency Dogecoin (DOGE).
According to a CNN report today, the new payment solution was launched on Friday at the event of the opening of a new Loop station outside the city of Las Vegas.
The Boring Company’s Loop is a public transport system that conveys passengers in Tesla vehicles to their destination with no intermediate stops.
These Tesla vehicles are driven at 35 mph, which is way lower than Elon Musk’s fast cars that move at 150 mph. However, Musk, the founder of The Boring Company, is planning to enhance the speed of the vehicles the infrastructure firm uses.
Loop Payment Offering
Loop rides are free, but plans are being made to request payment from passengers soon. When payment for Loop rides eventually commences, passengers will be charged $1.50 for single rides, while day passes can be obtained at $2.50.
Making payments for the transport service is easy. Passengers can purchase tickets for rides by scanning a QR on the wall at the new Resorts World station.
People can choose to make payments using the biggest memecoin or pay for rides using their credit cards.
Musk Fostering Dogecoin Adoption
Notably, the initiative is part of efforts by the Tesla exec to support Dogecoin’s mainstream adoption. Musk has continued to support Dogecoin across his businesses, including Tesla and SpaceX.
The tech mogul, who recently got approval to purchase Twitter, announced that DOGE enthusiasts can now purchase merchandise from SpaceX.
Musk’s support of DOGE was instrumental in pushing the cryptocurrency, which launched as a joke in 2013, to prominence, following a series of tweets in 2020.
However, Musk’s support of DOGE earned him a $258 billion lawsuit from an aggrieved Dogecoin investor, who claimed the tech mogul was involved in the promotion of Dogecoin he referred to as a pyramid scheme.
Musk responded in a recent report that he had never told anyone to purchase DOGE.
DOGE Soars 2.6%
News of The Boring Company’s support of DOGE had a slight impact on the value of the cryptocurrency. Dogecoin is up 2.6% in the last 24 hours, as the cryptocurrency changes hands around $0.068, according to data on Coingecko.
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