- Dogecoin soared 13% earlier today, but has since lost some of its gains as the market cools, while the memecoin is still up 11% over the past week.
- Reports have surfaced that Tesla is currently accepting DOGE payments for goods, but this appears to have minimal impact on the token price.
Dogecoin soared earlier today, registering more than 13% gain in 24 hours, marking the best recovery among the top 10 cryptocurrencies. However, it subsequently lost momentum and ended the day trading 1.6% lower.
DOGE trading location $0.1586 At the time of writing, the market capitalization is $22.9 billion.trading volume decreased 17% Up to $16 billion.
DOGE has gained 11.10% over the past week. After hitting a weekly low of $0.1209 on May 1st, it skyrocketed as the market recovered, led by meme coins, and set a weekly high of $0.1688.
Recently, reports emerged that Elon Musk has at least partially fulfilled his promise to enable DOGE payments at Tesla. Tesla customers will reportedly be able to pay for goods with meme coins. It would be more impactful if customers could use DOGE to pay for electric cars, but this is a start and Tesla is one of the largest companies in the world, so it could cause a bandwagon effect.
#Tesla Payment methods updated to include DOGE$Doge It’s up more than 40% in the past four days. Was it a proactive move?https://t.co/iZVjNRmtJk pic.twitter.com/aGHYb1VtC2
— Kyle Doops (@kyledoops) May 4, 2024
The DOGE community would expect more big moves after such an important announcement, but the fact that this only sparks modest moves speaks to the maturity of the cryptocurrency industry. Ultimately, the actual adoption and use of Dogecoin will lead to long-term, sustainable benefits.
In this regard, the number of new Dogecoin addresses has increased, reaching 28,000 on May 2nd, a 102% jump in a few days as the industry regains the enthusiasm it seemed to have lost after the CZ ruling. Ta.
Dogecoin leads cryptocurrency recovery
Since May, the cryptocurrency industry has been on an upward trend, with some industries more profitable than others. Bitcoin was little moved, and Ethereum fell 3.4%. However, Dogecoin led the recovery of other major coins. Meanwhile, Solana rose 12% and Toncoin rose 11%.
Meme coin recorded the highest profit. Dogwifat, the Solana-based meme coin that exploded earlier this year, has regained its luster. twenty four% It has risen over the past seven days, bringing its market cap to over $3.3 billion. PEPE followed closely behind and hit. 18% It stands out from its rivals with a market capitalization of $3.53 billion.
I got the MEME book 18%while FLOKI earned 10.5%.
Returning to DOGE, Memecoin is stuck in a descending wedge pattern, and if it breaks out of the upper trend line, it could be poised for a significant rally. according to According to one analyst, such a breakout could push Memecoin to $0.27 in the short term, as shown in the chart below.
