Elon Musk-Named Token Dogelon Mars Gains 50 Percent This Week Beating Shiba Inu and Dogecoin

Logo of Dogelon Mars. DogelonMars/Twitter

Over the last one week, cryptocurrency token Dogelon Mars (ELON) has surged by nearly 50 percent, competing with Dogecoin and Shiba Inu.

The meme crypto’s logo features a Shiba Inu with the hair of Tesla Inc. CEO Elon Musk, and trumpets his ambitions to take humans to Mars.

According to the crypto tracker WhaleStats, ELON is now the most traded token among the top 1000 ETH whales.

ELON got a boost following the token’s inclusion on 2 leading exchanges this week. Last month ELON’s price increased by 119 percent following an announcement from its development team. 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 the xELON governance token, which will be used to vote on initiatives, coordinate protocol decision-making, distribute grants from the treasury, and more.

DOGE has surged by more than 11 percent in the past seven days.

SHIB is up more than 9 percent this week.

Dogelon Mars is a dog-themed meme coin on Ethereum and Polygon.

By Bibhu Pattnaik

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