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Elon Musk reveals new uses for Dogecoin. This is the payment for a ride in the Boring Company, which operates a network of underground tunnels in Las Vegas.
Memecoins are often criticized for their lack of utility, but this point is a newly created Dogepediasays DOGE is money thanks to its low fees and transaction speed.
Recently, the Dogecoin Foundation has made significant efforts to turn DOGE into a payment token. Third-party payment integrations with Bitpay and Coinbase, partnerships with multiple prepaid card providers, and the development of a JSON-RPC interface for shops to integrate with blockchains directly demonstrate this, it said.
In a video clip posted by @DogeDesignerthe Tesla CEO reaffirmed his support for DOGE because it “has memes and dogs and seems to have a sense of humor.”
However, when questioned about its “potential,” Musk replied that it far outperforms Bitcoin as a payment token due to its transaction throughput and tokenonomics of inflation.
Dogecoins actual total trading capacity is much higher than Bitcoin.
Dogecoin’s current inflation rate is around 3.7% Year. It is argued that Dogecoin is ideal for use as a currency because it is inflationary. Unlike bitcoin, which has a fixed supply, some investors hoard it for fear of losing profits once it is used.
Musk has widely advertised that Dogecoin can be used to buy Tesla and SpaceX merchandise. However, in the video clip, he also said that the Meme Coin could be used to pay for The Bowling Company rides in Las Vegas.
Founded by Musk boring company In 2016, we built a tunnel for “fast point-to-point transportation” to solve the increased traffic.
In June, the company unveiled its first underground passenger station. Resorts World Las VegasThe route will have 55 stations along 29 miles of underground tunnel tracks.
The Boring Company already operates a reduced version of the two 0.8-mile tracks that will open in 2021.
The more ambitious Vegas Loop will allow users to ride a Tesla to the city’s major landmarks, including the Las Vegas Strip, the city’s new soccer stadium, the Las Vegas Convention Center and McCarran International Airport.
The system uses human-controlled Model X and Model Y vehicles to transport passengers.
Dogecoin is up 4% in the last 24 hours. It remains in the sideways pattern established on June 21. The bulls are facing resistance at $0.07502, which was rejected at this level on July 30.
