An altcoin competing against Dogecoin (DOGE) and Shiba Inu (SHIB) just skyrocketed 119% in one week as meme token mania rages through the crypto space.
The project Dogelon Mars (ELON) is a meme coin inspired by Dogecoin and appears to be derived from Elon Musk’s ambitions to bring humans to Mars.
When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.
Yesterday, a project update from the Dogelon Mars team shared that the next stage of development will bring decentralized finance (DeFi) and staking capabilities to ELON.
“Dogelon Mars is venturing into the next phase of development, building DeFi and staking opportunities with a new contract. At this very moment, construction is underway as the community leaders introduce DeFi and a new token to the ecosystem.”
Along with the staking upgrade, the team is introducing the xELON governance token, which will be used for voting on initiatives, coordinating on protocol decision making, distributing grants from the treasury and more. xELON will be able to be acquired by participating in the ELON staking program.
After news broke that ELON would be listed on OKEx and Crypto.com, tied with the recent staking announcement, ELON erupted 119%, bringing the market cap from $426 million to $939 million, according to CoinGecko.
ELON is currently exchanging hands at $0.0000017, up 5.8% in the last 24 hours.
Will Dogelon Mars Follow Shiba Inu’s Pace to Moon 10x This Cycle?
Traders in the crypto community, have been leveling up with every market cycle. While some look no ahead of utility and potential. Others are keen on making fortunes out of high-yielding assets. Successively, investors are buffing the glitter of meme coins, with their interest in the high compounding digital assets. Meanwhile, ELON is yet another meme coin, which is ensuring its presence to be felt.
This Is Why ELON Is More Than Just a Meme Coin!
Dogelon Mars has been gaining traction in recent times, with the growing community of meme coins. While many new investors in the space, are curious about the coin as its name rhymes with celebrity investor Elon Musk. Section of investors believes the digital asset to be much more than a meme coin. Owing to its utility, alliance, and future prospects, which we delineate further ahead.
- Currency: The firm’s aim is to offer the first intergalactic currency, which would be a fair currency of the people.
- Mars Mission: The makers look forward to colonizing Mars and making humanity a multi-planetary species.
- Alliance: Partnerships include Methuselah Foundation (Longevity and space projects with NASA’s CASIS, ISS, and Wake Forest Institute for Regenerative Medicine).
- Marketing: The marketing strategy is luring investors, with its comic series, giveaways, meme contests, advertising, and community-driven marketing.
- Roadmap: Investors looking out to HODL any investment, never miss out on the roadmap of the project. And the platform chalks out NFTs, De-Fi, Multichain staking for its roadmap.
On the other hand, xELON is a governance token. That facilitates decision-making and provides incentives for the Dogelon Mars De-Fi ecosystem. The token is created by participating in the ELON staking program.
The tokens are given as rewards to users, who help make the ecosystem robust. By staking their ELON or ELON/WETH LP tokens. xELON will be used to vote on initiatives, coordinate protocol decision-making, distribute grants from the treasury, among others.
Martians on the Rise?
ELON is trading at $0.00000174 with negative gains of 4.2%. While the market cap of the coin is at $978,524,622. The trading volume for 24-hours is hovering around $255,760,114. The coin hit its ATH of $0.00000259 a couple of days ago. The meme coin has been consolidating, post its healthy leg-up. And investors have been accumulating the dips.
Meanwhile, SHIB Price is firmly holding its dominance amongst meme coins. The Doge-killer at press time is trading 21.9% higher at $0.00005852. While netizens are contemplating an alternative to SHIB. SHIB enthusiasts are optimistic about the digital asset leading its supremacy across cycles.
Collectively, meme coins have been the talk of the town for over a month now. And newer coins are emerging, enticing traders to flock in. Meanwhile, Dogelon Mars has made its way into the top-25 meme tokens with the highest social engagements. Which is a positive move for investors keen on meme coin investments. And traders now have multiple options to consider apart from DOGE and SHIB.
Dogelon Mars Introduces xELON in a Bid to Expand into DeFi and Staking
- Dogelon Mars announces another developmental phase.
- xELON brings Dogelon into the DeFi universe.
- xELON tokens will be awarded to users that stake ELON.
Dogelon Mars unveiled its next developmental step. This time, the community of Dogelon Mars is working hard to transport xELON into its ecosystem. What’s more, Dogelon Mars is building DeFi and staking opportunities with a new contract.
Revealing the project in a tweet, the Dogelon team says xELON is introducing Dogelon into its DeFi universe. Furthermore, it will act as a governance token, and also as a protocol for earning. Alongside this, it will be a staking incentive for ELON.
The Dogelon Mars community is working hard to teleport xELON into this dimension! xELON brings Dogelon into the DeFi universe as a:
🏛 Governance token
📈 DeFi earning protocol
🥩 $ELON staking incentive
Expand your knowledge: https://t.co/7RDvaJdL5F— Dogelon Mars (@DogelonMars) November 4, 2021
Certainly, xELON is the governance token that will provide incentives for the Dogelon Mars DeFi ecosystem. And also, facilitate decision-making. Dogelon is up 35.03% and trades at $0.000001652. Additionally, the CoinMarketCap ranking is #116, with a live market cap of $938,005,754 USD.
Specifically, Dogelon Mars started an ERC20 token with 50% of supply for liquidity locked in Uniswap. Meanwhile, the other half was sent to Ethereum founder, Vitalik Buterin. Moreover, early members of the community organized airdrops of ELON to people that were affected by the various rug pulls.
In a charitable bid, Vitalik donated all of his ELON to the Methuselah Foundation for life extension research and longevity. In turn, the foundation assured that they will steward the trove for at least a year starting from May 2021.
The Dogelon Mars team encourages the community to watch out for the full contract address of the new token which will be announced soon.
Dogelon Bullish and Raises Above 100%
- Dogelon Mars grew in price over 100% in 24-hours.
- Elon’s token reached a 1 billion market cap.
- Crypto.com announced the ELON listing on their platform.
Another bullish meme token, Dogelon Mars (ELON), surged over 100%. At the time of writing, the meme coin ELON continues being bullish with a 143.98% increase in price. Meanwhile, its 24-hour trading volume also increased by 691.19%, amounting to $741,767,703.9.
However, earlier today, the meme token posted on their Twitter account that ELON reached a 1 billion market cap. At the same time, Dogelon entered the top 100 in CoinMarketCap.
To clarify what ELON is, technically, it is a fork of Dogecoin. In fact, they named it after the capital city of Mars. In addition, Dogelon is pronounced as Dog-a-lon, not a Doge Elon because that would be arrogant.
Dogelon Mars is listed in the https://t.co/vCNztATkNg App 🔔
Buy $ELON at true cost with USD, EUR, GBP, and 20+ fiat currencies.
Download the App to start trading #ELON now!
For more details – https://t.co/96XJTVsnXw @DogelonMars pic.twitter.com/mCMYuEd8n2— Crypto.com (@cryptocom) October 29, 2021
Currently, Crypto.com tweeted the listing announcements as well. Besides this, the tweet gathered almost over a thousand likes. Furthermore, this tweet announcement made can also be considered as one of the reasons why ELON boosted its price value.
Today, ELON crypto trades at a high price of $0.000001998. If this bullish run keeps on, it may reach a growth rate of 200% or more in no time.