Dogecoin's $1 Billion Boost Following Elon Musk's Boring Co. Announcement Makes It an Attractive
That Dogecoin experienced a $1 billion increase in market value over the past 24 hours following Elon Musk's Boring Co. announcement makes the altcoin an especially attractive investment option at this time.
After the Boring Company's announcement, it now allows consumers to pay using Dogecoin (DOGE). As a result, DOGE has increased by 5% over the past day. But after that, it decreased by over 2%. However, its market value increased by almost $1 billion during the past 24 hours
DOGE has reached the tenth spot in the ranking of cryptocurrencies by market capitalization, overtaking Polkadot and other currencies. CoinGecko statistics show that DOGE increased by around 13% over the past seven days. The price is $0.07034 at this time.
The negative crypto news was less intense today than it had been for most of the past six weeks. The crypto industry is still weighed down by uncertainty and anxiety, though.
CoinMarketCap data show that the global cryptocurrency market cap increased by about 2% in the last 24 hours, to $930.89 billion. Meanwhile, the total volume of cryptocurrency trading fell by 18%, to $53.35 billion, over that time period
Elon Musk’s Boring Company announced its plans to accept Dogecoin
In a recent post from CNN, the Boring Company has enabled DOGE users to pay for rides in its newly launched Vegas Loop.
Tesla car owners can drive people around Las Vegas using the Loop, a transportation system that is set in the city's underground tunnel. The first station of the Loop, which was launched last Friday, is located outside of Las Vegas Convention Center. The company plans to build a network of tunnels under the city with 50 stations in total.
The corporation has not announced the date that rides on Loop will start costing money. At present, they are free. However, it's planned that charges will be applied in the future. The Vegas Loop website says single rides will cost $1.50 and day passes will cost $2.50
The Boring Company decided to build a Loop station at the Las Vegas Convention Center when it decided to offer DOGE as a payment option.
Although 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.
Elon Musk has already shared a number of Dogecoin memes with his over 100 million followers. One of his antics is to use DOGE as a payment method for rides by The Boring Company. Earlier, he stated that he's not worried about the current market conditions and will keep investing in Dogecoin.