Dogelon Mars (ELON) is a recent coin in the market; however, the token has garnered unparalleled popularity. The cryptocurrency was launched in May and started off with a price of $0.000000042. The bull run proved beneficial for the token and it quickly rose to its all-time high of $0.000032 – surging up by more than 76,000%. Although the token fell to its pre-bull run levels quickly as the crypto market crashed, it was once again on a bullish roll in October. At the time of writing, the cryptocurrency stands at a price level of $0.0000014. ELON token has been gripped by the bears as the token fell by 22% during the day while the trading volume surged by 57%.
What is Dogelon Mars?
Dogelon Mars is from a class of cryptocurrencies known as meme coins. This category of cryptocurrencies was initiated by Dogecoin which started off as a joke between two engineers. However, Dogecoin quickly made a place for itself in the crypto market and rose beyond expectations. While these tokens are regarded to not have any intrinsic value and critics cite them to exist only for pump and dump purposes, Dogecoin is on its way to reverse its reputation.
The actual hype started off when Elon Musk – CEO of Tesla and billionaire investor – took interest in Dogecoin. Musk had caused quite a few spikes in the price of Dogecoin and meme coins started flooding into the market. Dogecoin’s first significant competitor was Shiba Inu but now with the launch of Dogelon Mars and its performance the tables have turned on Dogecoin. The cryptocurrency is named as a tribute to Elon Musk given his significant contribution to meme tokens.
The rise of ELON
Meme coins exploded during October and Dogecoin was nowhere to be seen. Shiba Inu, Samoyedcoin and Dogelon Mars dominated the month with their phenomenal performances. However, Dogelon was the best performing token with a price increase of 3,984%. Although the token’s performance has attracted the masses, it is imperative to point out that it does not have any utility. The cryptocurrency is designed for fun and may not have any future potential if dumps get too harsh. The best use of Dogelon Mars is quick returns from the cryptocurrency during pump and dump movements. However, newbies in the market may end up losing a lot if they do not have the know-how of navigating through pump and dump actions.
