Users of The Boring Company are now able to pay for trips on the Las Vegas public transit system Loop using Dogecoin (DOGE). The new payment solution was launched Friday at the opening of a new Loop station outside the city of Las Vegas, CNN reports today. However, the impact of the news on the altcoin price was limited.
Dogecoin enters Loop services, altcoin price revives
Boring Company’s Loop is a public transportation system that transports passengers in Tesla vehicles to their destinations without intermediate stops. These Tesla vehicles are driven at 35 mph, which is much lower than Elon Musk’s fast cars, which travel at 150 mph. However, Musk, the founder of The Boring Company, plans to increase the speed of the vehicles used by the infrastructure company.
Loop rides are free. But he soon makes plans to demand payment from passengers. When payment for Loop trips finally begins, passengers will pay $1.50 for single trips. Daily passes will be available for $2.50.
It’s easy to pay for the transport service. Passengers can purchase tickets for cruises by scanning a QR on the wall at the new Resorts World station. Now, people can choose to pay using the biggest meme coin or pay for trips using their credit card.
The Boring Company’s support for DOGE had a slight impact on the altcoin price. DOGE is trading at $0.06846, up 0.95% on a daily basis, according to CoinMarketCap data. Ranked #10 by market cap, the altcoin is still in the red zone on a weekly basis. Also, DOGE is a long way from its glory days. Because DOGE is currently 91% down from its high of $0.7376.
Elon Musk promotes DOGE adoption
Specifically, the initiative is part of the Tesla executive’s efforts to support mainstream adoption of Dogecoin. Musk has continued to support Dogecoin in their businesses, including Tesla and SpaceX. The tech giant, meanwhile, recently got approval to buy Twitter. It also announced that DOGE enthusiasts can now purchase products from SpaceX. Musk’s support for DOGE was instrumental in bringing it to the fore after a series of tweets in 2020.
However, Musk’s support for DOGE also causes problems for him. An aggrieved Dogecoin investor claimed that DOGE is a pyramid scheme. Because of this, he filed a $258 billion lawsuit against Musk and his company for his involvement in the promotion of Dogecoin. cryptocoin.comAs you follow, Elon Musk claimed that he did not tell anyone to buy DOGE.
