Elon Musk is a well-known supporter of Dogecoin and has had some of his companies receiving the dog-themed crypto as a form of payment.
Musk’s Tesla company receive DOGE for some of its product. The latest of the billionaire’s company to receive payment in DOGE is the Boring company. The company will accept payment in Dogecoin for rides in its Las Vegas Loop, a CNN report stated.
Currently, rides on the new Las Vegas transit system are currently free. However, according to the Las Vegas Loop’s website, the company plans to charge $1.50 for single rides and $2.50 for a day pass, but specific timings have not been disclosed.
The payment plan was unveiled Friday as the company opened its first Loop station outside the Las Vegas Convention Center. This indicates another of Musk’s support for Dogecoin, whose value has fallen sharply.
Inside the underground Loop tunnel, passengers will be travelling in Tesla vehicles driven by humans at around 35 mph. Originally, Musk had announced that the high-occupancy vehicles would be travelling at 150 mph.
In the future, The Boring Company plans to automate driving and travelling at higher speeds.
According to CNN, The Boring Company hopes to eventually expand to more than 50 stations on the Vegas Strip, including casinos, resorts and Allegiant Stadium, home of the NFL’s Las Vegas Raiders.
To purchase a ticket, users can scan a QR code on a wall at the new Resorts World station, and those who do not wish to pay with Dogecoin can use a traditional credit card and US dollars.
Dogecoin was created in 2013 as a parody of the biggest crypto, Bitcoin. It has since grown to become one of the most popular crypto asset today.
According to CoinMarketCap, DOGE is ranked 10th among thousands of cryptocurrency. The price of dogecoin as at the time of writing is $0.069099 USD with a 24-hour trading volume of $467,806,808 USD. It has a live market cap of $9,167,365,963 USD.