Meme Coin News: Tesla Introduces DOGE Payments, Whale Makes $10.4 Million PEPE Purchase
By Sead Fadilpašić
Last updated:
May 7, 2024 08:37 EDT
|
3 min read
Image source: AdobeStock / LIGHTFIELD STUDIOS
Stay updated on the latest meme coin news with our weekly, concise summary. Here’s what you need to know this week:
Meme Coin News: Market Highlights
The global market cap for cryptocurrencies currently stands at $2.47 trillion, experiencing a 1.5% decline in the past 24 hours. Unfortunately, meme coins are not faring well either.
Among the top 10 meme coins based on market cap, BONK suffered a significant loss of 7% in a day, trading at $0.00002. On the other hand, Baby Doge Coin (Babydoge) experienced the smallest drop, with only 2.64%.
Meanwhile, Dogecoin (DOGE) remains at the top in terms of market capitalization, but its price has decreased by 4.5% to $0.15661.
Image source: cryptonews.com/coins/meme-coins/
However, Dogecoin has shown significant gains over the past week, appreciating by 12.76%. Other meme coins that have experienced positive growth include Dogwifhat (WIF) with a 26.5% increase, Pepe with a 16.6% increase, Floki with a 10.7% increase, and Shiba Inu with a 1% increase.
Among the top 100 meme coins, BONE has performed the best in the past day, with a 9% increase. Only seven other coins have shown positive growth today. On the other hand, four coins experienced losses between 95% and 99.9%, namely Kangal, Dogebonk, Wen, and Shib Original Vision.
Tesla’s Updated Payment Methods Include Dogecoin
In the most significant meme coin news this week, Tesla has announced that it now accepts DOGE as a form of payment for its products. The payment page has been updated to include this popular meme coin.
Customers can look for the Dogecoin symbol next to the “order” button for Dogecoin-eligible products. However, there are some important considerations to keep in mind when making purchases. All Dogecoin purchases are final, meaning orders cannot be canceled, and items cannot be returned or exchanged for cash or other products.
To make a purchase using Dogecoin on the Tesla Shop, users must have a Dogecoin wallet. The buyer is responsible for any transaction fees associated with the Dogecoin payment.
Dogeverse Presale Hits $13 Million Milestone
Dogeverse is currently one of the hottest meme coins on the market, operating across six major blockchains. After its presale launch in April, the project raised nearly $1 million in less than two days.
As the presale continues, the team behind Dogeverse announced that the project has raised over $13 million. The main goal of Dogeverse is to create a unified crypto universe where coin holders can trade across different blockchains.
The increasing investment in Dogeverse demonstrates investor confidence in the project’s potential and the market’s demand for the token. With each stage of the presale, the price of Dogeverse is expected to rise. The team plans to list its native token (DOGEVERSE) on various exchanges and expand its use cases to drive demand and increase the token’s value.
Additionally, the team recently launched the official website, featuring “Cosmo, the chain-hopping Doge” as the heart of Dogeverse.
Whale Withdraws $10.4 Million in PEPE from Binance
In other meme coin news, a whale withdrew 915.85 billion PEPE coins from the Binance exchange on May 5. This is not the whale’s first withdrawal, as they have already withdrawn a total of 1.238 trillion PEPE through two transactions from Binance.
According to crypto analytics platform Spot On Chain, the whale made these transactions at an average price of $0.000008424, totaling $10.4 million, in the past 28 hours for the first PEPE trade.
The whale has also engaged in other trades, gaining $146,000 (+14%) from one INJ trade but losing $118,000 (-8%) from one RNDR trade. The analysts noted that the whale did not hold either token for long.
Spot On Chain also highlighted a smart trader who recently completed their ninth trade, exchanging 1.262M USDC for 142.96B PEPE at an average price of $0.000008831. Out of the trader’s previous eight trades, two experienced losses of 12% to 15%, while the rest saw gains between 5% and 132%.
Overall, the smart trader has achieved a cumulative profit of $917,000 (+19.1%) with a win rate of 75%, according to the analysts.
For more meme coin news and prices, check out our Meme Coin Price Tracker.
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