Elon Musk's Boring Company To Allow Users To Pay For Rides On Loop Using Dogecoin

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022.

Elon Musk's Boring Company will allow users of Loop, its Las Vegas transit system, to pay via Dogecoin (DOGE) for their rides, bringing another use case for the biggest meme coin in the crypto market.

According to a CNN Business report Wednesday, the new payment method surfaced Friday as The Boring Company opened its first Loop station outside the Las Vegas Convention Center. Loop passengers travel to their destination in Tesla vehicles that are driven by humans.

Elon Musk, the richest man in the world and one of the biggest supporters of Dogecoin (DOGE), tweeted in response to the CNN Business article being shared all over the internet saying that he will support the meme coin "wherever possible."

The Las Vegas Convention Center (LVCC) Loop currently has three stations at exhibition halls within the LVCC and was built in a year at a cost of $47 million, according to the data from the official website. The Boring Company aims to provide an underground connection to the Resorts World Las Vegas in the near future.

The Boring Company's tunnel system reduces a cross-campus journey from 45 minutes on average to around two minutes using 1.7 miles of tunnels.

At present, all the Tesla drivers using the Loops do not have to pay any fee, but they will eventually have to scan a QR code at the New Resorts station and purchase tickets using Dogecoin or a traditional credit card, as per CNN Business.

Interestingly, Musk recently hinted via several Twitter posts that SpaceX and Tesla merchandise could also be bought using Dogecoin (DOGE).

However, despite the constant support that Dogecoin (DOGE) gets from Musk, the market price of the meme coin has tumbled down heavily in the last year. As per CoinMarketCap, DOGE is nearly 90.69% low from its all-time high witnessed on May 8, 2021, at a price of $0.7376. As of 10:41 p.m. ET, the price of 1 DOGE was $0.06845.