Business Magnate Elon Musk's Boring Company to Accept DOGE for Loop Rides

Elon Musk’s Boring Company, a US-based firm creating various "boring" products, including a "not-a-flamethrower," will reportedly allow its customers to pay for their rides on the Vegas Loop system using Dogecoin (DOGE), the tenth-largest digital asset by market capitalization.

According to the official announcement issued on July 6th, the new payment method in Musk’s memecoin was initially introduced back on Friday, when the Boring Company launched the Resorts World Las Vegas Loop station, a fully electric system with zero emissions.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How Does Cryptocurrency Work? (Explained with Animation)

SUBSCRIBE

ON YOUTUBE

To confirm the news, Tesla’s CEO recently posted a tweet on his Twitter account and stated that he would keep “supporting Doge wherever possible.”

As stated on the firm’s official website, The Boring Company was initially built to “solve traffic” by providing a safe and low-cost transportation method, without harming the environment. One of its projects dubbed Loop, also known as “Teslas in Tunnels,” was built in just a year and now consists of 1.7 miles of tunnels. It is defined as “an express public transportation system that resembles an underground highway more than a subway system.”

Currently, the LA-based transit system Loop, consisting of three different stops, is offering free rides in Tesla cars that are driven at about 35mph. However, the company intends to charge for the rides in the future, with a single ride costing $1.50. On top of that, people will also have the option to enjoy rides for the whole day by purchasing a “day pass” that will supposedly cost $2.50. Nonetheless, the specific prices are yet to be determined.

Following the latest news, the price of Dogecoin (DOGE) went up by 0.78% and currently sits at $0.068.

In fact, Musk has always supported the memecoin that was established back in 2013. For instance, earlier this year, he said that his electric car company Tesla would start accepting Dogecoin as a legitimate payment option for a variety of goods and services. SpaceX is expected to follow as well.

Earlier in June, the business magnate was presented with a $258B lawsuit, implying that the billionaire purchased and promoted Dogecoin by using “his pedestal as World’s Richest Man.” The filing dictates that Musk should pay $86B for punitive damages, as well as $172B for other related costs.

In other news, back in April, Elon Musk made an offer to purchase the Californian-based social networking platform Twitter for $54.20 a share, amounting to a total price of $43 billion.