Dogecoin-inspired meme coin project Dogelon Mars (ELON) is up $0.000001034, up 24.2% in the last 24 hours, outperforming major cryptocurrencies like Bitcoin and Ethereum.
Dogelon Mars surpasses Ethereum and Bitcoin
Named after a combination of Dogecoin and Tesla CEO Elon Musk, Dogelon Mars is a dog-themed meme coin on Ethereum and Polygon. Dogelon Mars developed a fantasy version through his comics depicting Mars. According to CoinMarketCap, it’s a meme coin that doesn’t have much use beyond buying it and keeping it in a wallet like Metamask. However, it has managed to build a substantial community with over 555,000 followers on Twitter.
Dogecoin and other meme coins are gaining renewed interest from investors as other major cryptocurrencies soar on Sunday evening. As reported by Kriptokoin.com, Bitcoin increased by 5.9% to $ 47,162.09, while Ethereum increased by 6.31% to $ 3,336.54.
Meme coin lost most of its strength in 2021
Dogelon Mars currently has a market cap of $1 billion and is ranked 134 on the crypto list. It started trading at $0.000000120 in May 2021 and rose to $0.000002663 in October of the same year. It is currently trading at a 96.93% discount from the ATH price of $0.00003263.
Dogelon Mars has no real use case. Like other meme coin projects, much of its growth relies on support from the dog enthusiast community. In fact, SHIB and DOGE growth has been heavily influenced by Elon Musk’s tweets confirming or integrating them into Tesla payment methods. Despite the eponymous relationship, Tesla CEO and SpaceX founder Elon Musk has yet to confirm it.
Dogelon Mars has a maximum supply of one quadrillion. 50% of the token supply is permanently locked in the Uniswap liquidity pool, while the other half is sent to Vitalik Buterin. Last year, Huobi Global listed ELON. It gained about 30% after the listing news hit the market. It also became one of the most traded meme coins among 100 ETH whales.
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