The billionaire said that he would support “DOGE wherever possible”

Elon Musk’s Loop service will start accepting Dogecoin to pay for trips

07.07.2022 - 08:15

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2 min

What’s new? Elon Musk’s company, The Boring Company, will start accepting Dogecoin (DOGE) to pay for trips in the Loop service. The Dogecoin Foundation’s graphic designer shared a video on his Twitter of him browsing the Vegas Loop page and buying a subscription via the BitPay payment system using DOGE. There has been no official statement from The Boring Company yet, but Elon Musk wrote under the news by CNN, “Supporting Doge wherever possible.”

What is The Loop? It is Elon Musk’s project to build underground highways to reduce the number of traffic jams. The Loop is currently only in Las Vegas and has four stations. Passengers are transported by Tesla cars at 35 miles per hour. In total, 51 stations are planned to be opened throughout the city as part of the Vegas Loop. The private company, The Boring Company, is engaged in building the infrastructure and tunnels.

The Loop’s scheme

Elon Musk had repeatedly come out in support of DOGE, thereby causing sharp fluctuations in the asset’s rate. In May, Musk reported that SpaceX would begin accepting Dogecoin as payment for merch. In this, Tesla had already started accepting the meme cryptocurrency.

As of July 7, 08:30 UTC, Dogecoin is trading at $0,068, the asset’s rate rose by 1,21% in 24 hours, according to Binance.

In July, US citizen Keith Johnson sued Elon Musk, as well as his companies Tesla and SpaceX, claiming that they manipulated the rate of Dogecoin. The prosecutor seeks $86 billion in damages from Musk and $172 billion in moral damages. Johnson also asked for a complete ban on the promotion of the coin by the billionaire.

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