The meme coin's market capitalization has risen by more than 9% over the past 24 hours, significantly outperforming the rest of the cryptocurrency market, which recorded a slight decline of more than 0.2% over the same period.
The five largest meme coins by market cap in the CoinGecko memecoin market cap category represent approximately 35% of the total memecoin market cap of over $66 billion.
One of the top five meme coins, Dujoyvat recorded the most impressive rise in the last 24 hours, reaching the highest price ever. The coin is trading at $3.18, up more than 42% in the past 24 hours, The Block's price page shows.
The price of Dojoyvat has reached an all-time high, sending the memecoin soaring in the past 24 hours. Image: Cluster.
Elon Musk hints at Tesla Dogecoin payments
The rise in the memecoin subsector comes after a video posted on X.com showed Elon Musk discussing the possibility of customers being able to buy Tesla cars using Dogecoin..
“When can you buy a Tesla using Dogecoin? At some point, I think we should enable this,” Musk said in a tweet. video Uploaded by X user @dogeofficialceo. The Tesla CEO made the comments during a recent visit to the company's Giga Factor in Berlin. “YYou can buy Tesla merchandise from Doge, which is cool. “So, Dogecoin to the moon,” he added.
Another boost to memecoin market activity came after news that Solana-based Dojoyvat's mascot — a hat-wearing Shiba Inu — could grace the Las Vegas skyline following a successful community raise of $650,000. The Dogwifhat logo can now appear in a full LED display at the Las Vegas Sphere for a week.
According to the fundraising webpage, the call for community contributions exceeded the fundraising goal, reaching $672,288.156 in USDC.
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