Dogecoin’s market cap increased by almost $1 billion as Elon Musk’s “Boring Company” began accepting it for rides.
This time, Elon Musk is investing heavily in Dogecoin (DOGE), but he isn’t doing it by sharing memes or making TV appearances. Instead, the billionaire’s business has announced that clients can now pay for its services using Dogecoin.
Dogecoin Is Contributing to the Transformation of Travel
The Boring Company, which builds tunnels for inner-city transportation networks, has announced that consumers can now pay with DOGE. Customers who utilize the company’s Loop transportation system in Las Vegas can pay with cryptocurrency.
The choice to add DOGE to the list of available payment methods was made at the same time as the Boring Company decided to open a Loop station at the Las Vegas Convention Center. Although the center only has three spaces, the company is already considering the concept of opening up to 50 more stations around the Las Vegas Strip.
Rides on Loop are currently free; therefore, users cannot start using DOGE as payment. The corporation, however, has elaborate plans to start charging, with recommended prices of $1.50 for single trips and $2.50 for day passes. With the use of a credit card and the QR code scanning method of payment, fiat currency is an alternative.
Following the announcement, the Dogecoin community was enthusiastic, with one user describing the development as “very fun and thrilling.” Elon Musk, the company’s CEO, stated that he was “helping Doge wherever possible” when he decided to accept the asset as a form of payment.
Dogecoin and Elon Musk’s relationship
One of many schemes Musk has used to promote the cryptocurrency using his power is the Boring Company’s adoption of DOGE as a method of payment for rides. Several Dogecoin memes were previously uploaded to the eccentric billionaire’s more than 100 million followers.
While SpaceX, his space exploration business, was preparing for a similar move, Musk went it a step further and announced that Tesla would accept DOGE for selling its cars in February. He also revealed that the company’s products could be purchased using cryptocurrency in May.
Musk has previously said that he is unconcerned by the current market circumstances and will keep accumulating Dogecoins. Dogecoin experienced a month-by-month growth of nearly 2,000 percent to reach an all-time high of $0.7376. The crypto winter has driven the asset price to $0.06. Following the Boring Company’s announcement, Dodge increased by 5% in just 24 hours, adding over $1 billion to its market value, while transaction volumes increased slightly from the day before.