Elon Musk’s Boring Company announced that they will accept Dogecoin($DOGE) as payment for rides on Loop, its Las Vegas transit system.
Replying to the CNN article about the announcement, Elon Musk tweeted his support for Doge wherever possible. Despite Musk’s public support of the meme coin, Doge experienced only a modest 3% surge to a price of $0.06924. Even this surge was short-lived as the price fell to $0.06818, with a net price increase of less than a percent over the last 24 hours.
Elon Musk’s History Of Dogecoin Support
Elon Musk’s public support of Dogecoin started on April 2nd, 2019, when he tweeted that Dogecoin might be his favorite cryptocurrency. Since then, Musk has made a series of tweets and public comments, reaffirming his support for the currency. His tweets about Doge are often followed by a sharp increase in its price.
Noticeably, when Musk’s Tesla announced that it would accept Doge as payment for Tesla merchandise, Dogecoin’s price went up by 11%. Similarly, when Musk revealed that he would not sell his Bitcoin, Ethereum, and Doge holdings despite high inflation, Doge’s price experienced a 7% hike.
In the most recent event, Doge’s price increased by a massive 27% when Twitter’s board of directors announced that they would accept Musk’s deal for Twitter ownership.
