Meme Coin News: Tesla Introduces DOGE Payments, Whale Makes $10.4M Purchase of PEPE
By Sead Fadilpašić
Updated on May 7, 2024, at 08:37 EDT
Get a concise and entertaining summary of the latest news in the meme coin world.
This week, we bring you the following stories:
Meme Coin News: Market Highlights
The global cryptocurrency market cap currently stands at $2.47 trillion, experiencing a 1.5% decline in the past 24 hours.
Meme coins are also facing a tough day.
Among the top 10 meme coins based on market cap, BONK suffered a significant loss of 7% and is currently trading at $0.00002.
Baby Doge Coin (Babydoge) had the smallest drop, with a decrease of 2.64%.
At the same time, Dogecoin (DOGE) remains at the top in terms of market capitalization, but its price has dipped by 4.5% to $0.15661.
Source: cryptonews.com/coins/meme-coins/
On the other hand, Dogecoin has achieved significant gains over the past 7 days, with a rise of 12.76%.
Dogwifhat (WIF) saw a 26.5% increase in the past week, while Pepe rose by 16.6%, Floki went up by 10.7%, and Shiba Inu experienced a 1% increase.
Looking at the performance of the top 100 meme coins over the past day, BONE emerged as the best performer, with a 9% increase.
Only seven other coins are currently in the green.
However, four coins suffered losses ranging from 95% to 99.9%: Kangal, Dogebonk, Wen, and Shib Original Vision.
Tesla Accepts Dogecoin as Payment Method
In the most significant meme coin news of the week, Tesla has started accepting DOGE as a form of payment for its products.
The payment page has been updated to include this extremely popular meme coin.
According to the FAQ page, customers can look for the Dogecoin symbol next to the “order” button to identify Dogecoin-eligible products.
To complete a purchase on the Tesla Shop using Dogecoin, users will need a Dogecoin wallet. It is important to note that the buyer is responsible for any fees associated with the Dogecoin transaction.
However, there are certain limitations to consider when making purchases using Dogecoin. All Dogecoin purchases are final, meaning orders cannot be canceled, and items cannot be returned or exchanged for another product or cash.
Dogeverse Presale Reaches $13 Million Milestone
Dogeverse is currently one of the hottest meme coins in the market. It is the first meme coin that operates across six major blockchains.
Shortly after its presale launch in April, Dogeverse raised nearly $1 million in less than two days.
As the presale continues, the project announced on Thursday that it has successfully raised over $13 million.
The main objective of Dogeverse is to create a shared crypto universe where coin holders can trade across different blockchains.
The increasing investment in Dogeverse demonstrates investor confidence in the project’s potential and highlights the significant market demand for the token.
With each stage of the presale, the price of Dogeverse will increase. The team behind the project plans to list its native token (DOGEVERSE) on various exchanges.
Furthermore, the roadmap includes plans to offer higher rewards and expand the use cases of the token, which could drive further demand and increase its value.
Additionally, the team recently launched the official website, promoting “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 made a withdrawal of 915.85 billion PEPE coins from the Binance exchange on May 5.
This is not the first time this whale has withdrawn PEPE coins. In total, they have withdrawn 1.238 trillion PEPE through two transactions from Binance.
According to crypto analytics platform Spot On Chain, this was done at an average price of $0.000008424 ($10.4 million) for the first PEPE trade in the past 28 hours.
The whale’s overall PEPE accumulation history can be seen below:
Source: platform.spotonchain.com
In addition, this whale previously gained $146,000 (+14%) from one INJ trade and lost $118,000 (-8%) from one RNDR trade.
The analysts noted that the whale did not hold onto either token for long.
Spot On Chain also highlighted another smart trader who initiated their ninth trade, exchanging 1.262 million USDC for 142.96 billion PEPE at an average price of $0.000008831.
Out of the previous eight trades, two recorded losses of 12% to 15%, while the rest saw gains ranging from 5% to 132%.
The smart trader has accumulated a cumulative profit of $917,000 (+19.1%) with a win rate of 75%, according to the analysts.
The smart trader’s overall PEPE trading history is shown below:
Source: platform.spotonchain.com
For more meme coin news and price updates, visit our Meme Coin Price Tracker.
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