Dogelon Mars gains 4,000% profit in October

‘Dogelon Mars’ is a new memecoin that has gained a whopping 4,000% last month. Holders of this new memecoin are enthralled for this quick huge gain.

Share

There is a new memecoin which is named after Tesla and SpaceX CEO Elon Musk’s first name ‘Elon’. It also has the word ‘Mars’ in it, which apparently refers to the Aerospace Company, SpaceX’s plan to travel to Mars.

With these names in it, this meme-coin has experienced a 3,780% increase in its value. According to Poloniex, ELON ( Dogelon Mars) started from $0.00000005 on May 13 and reached $0.00000233 on Saturday.

This huge share of the market gain pushed ELON’s market cap to as high as $1.19 billion on October 30th. Its market cap was $26 million on October 1 of the same month.

1.png

Source; Tradingview ELON/USDT daily price chart featuring its all-time high

This ELON huge gain was made in part because of its listing on Crypto.com and OKEx on October 29 which lead to a 200% increase in the value of the token.

2.png

Source: Dogelon Mars Twitter

ELON was not the only meme-coin to have been blessed with huge gains. Shiba Inu was one such coin that saw an 850% gain in October. This gain pushed its market cap to $38.5 billion and it was placed above another famous meme-coin called DOGE.

3.png

Source: CoinMarketCap. Top meme cryptocurrencies by market cap

Shiba Inu was not alone in this rally. In October, Samoyedcoin (SAMO) also rallied by 2,925% and its market valuation reached $458 million which was followed closely by Hoge Finance’s (HOGE) with only 2% less profit, 2,923%. HOGE was a $15 million asset at the beginning of the month, but it turned into a $458-million asset by the end of October.

In an interview with the Wall Street Journal, the chief investment officer of cryptocurrency investment firm Arcane Assets said:

"Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally … It’s a casino, and it’s more fun than a roulette table.

Categories

Cryptocurrency(5)

Latest News

$150 million in USDT was frozen by Tether

A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchan ...

JAN 14, 2022

Pakistanis have $20 billion in crypto assets

The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that. ...

DEC 22, 2021

With many parachain deployments, Polkadot anticipates disrupting Web 3.0.

Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams. ...

DEC 19, 2021

Reddit will go public

Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. ...

DEC 17, 2021

Tags

Elon Musk

Dogelon Mars

Tags

Elon Musk

Dogelon Mars