Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement

Following Elon Musk’s Boring Company’s announcement, it now allows consumers to pay using Dogecoin. As a result, DOGE has increased by 5% during the past day. But after that, it decreased by over 2%. However, it had a market value increase of almost $1 billion during the past 24 hours.

With a market cap of $10.484 billion, DOGE overtook Polkadot and other currencies to rank as the tenth-largest cryptocurrency. According to CoinGecko statistics, DOGE increased by around 13% during the course of the past seven days. The price is $0.07034 at the moment.

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The flood of negative crypto news was more minor today compared to most days over the previous six weeks. The crypto sector is still plagued by uncertainty and anxiety, though.

Data from CoinMarketCap indicate that with a rise of about 2% over the last 24 hours, the global cryptocurrency market capitalization was trading higher at $930.89 billion. However, the overall volume of the cryptocurrency trade fell by approximately 18% to $53.35 billion.

Dogecoin is currently trading at $0.0706 on the daily chart | Source: DOGE/USDT chart from Tradingview.com
Pay With Dogecoin For A Ride: Elon Musk’s Boring Company Announcement

According to CNN on Wednesday, the Boring Company has made it possible for users to use DOGE to pay for rides in its recently launched Vegas Loop.

The Loop is a transportation system where Tesla car drivers ferry people through a tunnel beneath Las Vegas. The first Loop station, which debuted last Friday, is located outside the Las Vegas Convention Center, but the business intends to build a 29-mile network of tunnels under the city with 50 stations in all.

Although the corporation has not provided a precise date, rides on Loop are presently free. However, charges are ultimately planned. The Vegas Loop’s website states that single rides will cost $1.50, and day passes will cost $2.50.

The choice to offer DOGE as a payment option was made simultaneously as the Boring Company decided to construct a Loop station at the Las Vegas Convention Center.

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Even though a $258 billion lawsuit has been filed against Elon Musk and two of his companies, Tesla and SpaceX, he still chose DOGE.  The billionaire was sued by a citizen of the United States for allegedly promoting Dogecoin. According to the lawsuit, Musk is accused of participating in a racketeering plot to support cryptocurrencies.

To his more than 100 million followers, he has already shared a number of Dogecoin memes. The adoption of DOGE as a payment method for rides by The Boring Company is one of several antics. Musk earlier said that he is unconcerned by the current market circumstances and would keep building up his Dogecoin holdings.

Featured image from Flickr, chart from Tradingview.com