Musk's Boring Company to Accept Payment in Dogecoin

Elon Musk's The Boring 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 and it 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, which began as a joke in 2013, was inspired by a popular internet meme. The coin rose to prominence following Musk's support in recent years, including on Saturday Night Live.

Although Dogecoin had soared about 4000% to 68 cents in 2021, a single Dogecoin can currently be bought for about 7 cents. It has fallen 70% in the last year.