Mon May 08

08 May; 09 AM IST

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In the news today; PEPE Gets Listing From WazirX But Denied By CoinDCX, Pepe Climbs To New Ath As Market Cap Approaches $1b, US Wants Crypto Miners To Pay 30% Climate Change Tax

📝 PEPE Gets Listing From WazirX But Denied By CoinDCX: India's largest cryptocurrency exchange, WazirX, has finally added the popular meme coin PEPE to its platform, following persistent requests from the Indian crypto community. On May 6, WazirX announced via Twitter that deposits for PEPE meme coin were live, allowing users to deposit their coins onto the exchange. Shortly after, they opened trading for PEPE as the deposit volume reached an adequate level. This listing came on the heels of Binance and other major exchanges adding PEPE on Friday. PEPE's current price is $0.00000287, with a 50% increase in the last 24 hours and an 800% rise in a week. However, another prominent Indian crypto exchange, CoinDCX, has declined to list PEPE, citing potential investment risks for users.

📈 Pepe Climbs To New Ath As Market Cap Approaches $1b: The Ethereum-based Pepe meme coin reached a new all-time high of $0.000002322 today, experiencing a surge of over 50% in the last 24 hours, as reported by CryptoSlate. The memecoin's market cap reached as high as $931 million before settling at its current level of $864.54 million, according to Coingecko data. This rapid increase in market cap has led to speculation that it could soon surpass the $1 billion mark. Although Pepe's market cap remains lower than other meme coins like Dogecoin and Shiba Inu, its 24-hour trading volume has outpaced both. Coingecko data shows Pepe's trading volume at $647 million, compared to DOGE's $323 million and SHIB's $109 million. On-chain analyst Lookonchain reported a whale exchanging nearly all of their assets for the memecoin and earning a $1.23 million profit.

⛏️ US Wants Crypto Miners To Pay 30% Climate Change Tax: Yahoo News reports that the Council of Economic Advisers (CEA), an agency within the U.S. Executive Office of the President, is advocating for a Digital Asset Mining Energy (DAME) tax. The CEA argues that cryptocurrency miners negatively impact society by increasing local pollution, greenhouse gas emissions, and energy costs, all while operating without repercussions. The proposed DAME tax aims to address the adverse environmental and social effects of crypto mining. The CEA stated, "Cryptominers' high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country." WhaleWire took a more drastic stance, claiming that the DAME tax could "completely destroy Bitcoin," leading to the collapse of the network.