Elon Musk-Named Meme Token Dogelon Mars Gains 119 Percent in Seven Days, Nears $1 Billion Market Cap

By Benzinga
Benzinga
Benzinga
November 6, 2021 Updated: November 6, 2021

The cryptocurrency token Dogelon Mars (ELON) gained 119 percent in one week, competing with Dogecoin (DOGE) and Shiba Inu (SHIB).

According to CoinGecko, ELON is now listed on OKEx and Crypto.com. Following that announcement, ELON spiked by 119 percent.

The market cap moved from $426 million to $939 million.

Last Saturday, it reached an all-time high of $0.00000259. It was gaining over 4,000 percent after opening the month of October at $0.00000005.

On Friday, 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.”

The team is also aiming to introduce xELON governance token, which will be used to vote on initiatives, coordinate protocol decision-making, distribute grants from the treasury, and more.

ELON is currently exchanging hands at $0.0000016, down 2.1 percent in the last 24 hours.

According to the creator of ELON, the project will be constantly evolving. Dogelon is an ERC20 cryptocurrency built on the Ethereum blockchain.

The so-called meme cryptocurrency is named after Tesla Inc (TSLA) CEO Elon Musk.

By Bibhu Pattnaik

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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