HomeBitcoinA new application case for the Doge thanks to Elon Musk.

A new application case for the Doge thanks to Elon Musk.

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Elon Musk, one of Dogecoin’s most renowned supporters, is still holding on to this extremely popular coin-meme. Instead of sharing amusing photographs on social media or discussing Dogecoin on television, he announced that DOGE would be accepted as payment by his Boring Company.

Boring Business is a tunnel construction company that aims to transform urban public transportation. Customers using the Loop transportation system in Las Vegas will soon be able to pay in DOGE. There are now three operating stations, but there are plans to build 50 more around the Las Vegas Strip.

For the time being, this payment choice will have no effect because the Loop is currently free to use. However, ticket costs are projected to fall below $2.50 soon, at which point they will be able to be paid for using bitcoin.

Elon Musk, on the other hand, confirmed that he did not make use of this measure. It is just a matter of “supporting the Doge as much as possible” for him.

Technical benchmarks for Dogecoin

After the 38.2 percent Fibo retracement of $0.0667 provided excellent support, Dogecoin is continuing its advance towards the 50 percent Fibo retracement of $0.0721.

If the Fibo retracement barrier is broken on the day’s closing, more gains towards the 61.8 percent Fibo retracement of $0.0775 are probable.

If the doge bounces off the 50% retracement, the support level at $0.0667 might be challenged. If the latter fails to hold at the daily close, the focus will turn to the 23.6 percent Fibo retracement of $0.0600.

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