Elon Musk’s Boring Company to Accept Dogecoin Payments for Loop Rides

Tesla and SpaceX CEO Elon Musk continues to show support for Dogecoin, with one of the billionaire’s firms, The Boring Company, allowing customers to pay for Loop rides with the memecoin.

• According to CNN on Wednesday (July 6, 2022), The Boring Company, an infrastructure, and tunnel construction firm, first announced the dogecoin payment option on July 1.
• Customers will be able to pay with the crypto when they take a ride using Tesla vehicles on the company’s Las Vegas transit system called Loop.
• The Loop ride travels at 35 miles per hour (mph), as against the original 150mph. Passengers will pay $1.50 for single rides, while customers can purchase day passes for $2.50. Also, riders not willing to pay with DOGE can make payments in U.S. dollars or credit cards.
• Meanwhile, rides are currently free for passengers using Loop, with charges coming at a later date. Furthermore, with the first Loop station already opened outside the Las Vegas Convention Center, there are plans to construct over 50 additional stations on the Vegas Strip.
• Back in May, Elon Musk announced that his space exploration firm SpaceX will soon join electric vehicle manufacturing giant Tesla to accept DOGE payment for merchandise.
• The latest development signals Musk’s unwavering support for Dogecoin, despite a $258 billion lawsuit recently filed against the billionaire and his companies, Tesla and SpaceX.
• An aggrieved DOGE investor slammed Musk with a lawsuit, accusing the entrepreneur of promoting a token that the plaintiff describe as a pyramid scheme. At the time of writing, Dogecoin is 90% down from its all-time high of $0.73 recorded in May 2021.