Tesla and Space X CEO Elon Musk has once again expressed his support for cryptocurrencies, more precisely Dogecoin (DOGE).
Created by Billy Markus and Jackson Palmer, DOGE was released on December 6, 2013, as a “fun and friendly memecoin”.
Since then, its popularity has increased substantially thanks to the support of billionaires like Elon Musk. At its peak, DOGE was the 10th most valuable cryptocurrency with a market cap of over $9.26 billion.
Elon Musk has been championing Dogecoin since 2019, when he said it was his favorite cryptocurrency. This has already earned Musk, including lawsuits for promoting the purchase of cryptocurrency.
However, Musk stated that despite the lawsuits he would not stop promoting Dogecoin.
Recently, one of Musk’s companies, The Boring Company, announced exposure to the crypto market.
The company has launched a way for customers to pay for rides on Loop, its underground public transport system, with digital currency. The system is currently available in Las Vegas, Nevada and another is being built in Brazil.
The Boring Company highlighted that it will start accepting Dogecoin as a payment method in the future. That’s because, today, transportation on the Loop is free.
“When rides are billed, people who do not wish to pay with Dogecoin can use a traditional credit card and US dollars,” the company said.
Shortly after the announcement, Musk tweeted that he would continue to support DOGE “whenever possible.”
Despite being a big supporter of the cryptocurrency, Musk never revealed his positions on memecoin. Also, unlike BTC, none of its companies ever bought DOGE.
The announcement, however, did not affect the price of the digital currency, which has already lost more than 80% of its value since last year.
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