Dogecoin: Musk Asked To Look At Crypto And Explains Why He Mainly Supports $DOGE

On Friday (Aug 5), Tesla and Space X CEO Elon Musk shared his latest thoughts on cryptocurrencies.

The popular meme-based cryptocurrency Dogecoin ($DOGE) was initially launched on December 6, 2013 as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a peer-to-peer decentralized digital currency” that has “Doge” as its mascot, a Shiba Inu (a Japanese breed of dog).

Since then, its popularity has increased substantially, especially in recent years, mainly thanks to the support of billionaires Elon Musk and Mark Cuban (majority owner of the Dallas Mavericks professional basketball team, as well as one of the “sharks” in the very popular reality show “Shark Tank”, to the point that it is currently the 11th most valuable cryptocurrency, with a market capitalization of over $9.26 billion.In fact, in 2019, Musk said that $DOGE could be his favorite cryptocurrency.

On June 19, Musk tweeted that he will continue to support Dogecoin, which was not too surprising given that he has been saying nice things on Twitter about Dogecoin for the past three years.

What was surprising, however, was what the Tesla CEO said after a pseudonymous crypto analyst (“Altcoin Gordon”) challenged him to buy $DOGE, to which Musk replied yes.

Then, on July 6, CNN Business reported that The Boring Company, the American tunneling and infrastructure services company founded by Elon Musk in December 2016, launched a way for customers to pay for rides on the Loop, its system. of underground public transportation, which is currently available in Las Vegas, Nevada.

The CNN report went on to say:

Loop consists of passengers riding in human-driven Tesla vehicles at roughly 35 mph, a significantly scaled-down version of founder Elon Musk’s original vision of high-occupancy vehicles moving at 150 mph. The Boring Company has described the automation of driving and moving at higher speeds in the future.

The new payment option emerged Friday when the Boring Company opened its first Loop station outside the Las Vegas Convention Center, which already has three stops. It is also the latest example of Musk promoting Dogecoin, the cryptocurrency whose value has dropped considerably in the past year. The Boring Company hopes to eventually expand to more than 50 stations on the Las Vegas Strip, including casinos, resorts and Allegiant Stadium, home of the NFL’s Las Vegas Raiders. Clarke County, Nevada, approved the expansion plan last year, which will not use taxpayer dollars.

Rides are currently free on the Loop, with plans to charge eventually, though the company hasn’t disclosed the specific timing. Single rides will cost $1.50 and day passes can be purchased for $2.50, according to the Vegas Loop website. Passengers will be able to scan a large QR code on a wall at the new Resorts World station to purchase a ticket. People who do not want to pay with Dogecoin can use a traditional credit card and US dollars.

Shortly after the CNN Business report was published, Musk tweeted that he would continue to support $DOGE “whenever possible.”

The Tesla CEO’s latest comments on Dogecoin were made yesterday during an interview on the “Full Send Podcast.”

Musk had this to say about $DOGE:

“I’m mostly supporting DOGE outright because I think DOGE has the memes and the dogs, has a sense of humor and doesn’t take itself too seriously...

And I think actually weirdly, even though DOGE was designed to be this ridiculous joke coin, the actual transactional throughput capacity of DOGE is much higher than Bitcoin. And the fact that five billion DOGE is created every year I actually think it’s good to use as a transactional currency.”

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