• Dogecoin and Shiba Inu Competitor Soars 119 Percent in Seven Days, Approaching $1,000,000,000 Market Cap

  • As meme token mania rages through the crypto space, an altcoin competing with Dogecoin (DOGE) and Shiba Inu (SHIB) just skyrocketed 119 percent in one week.

    Dogelon Mars (ELON) is a meme coin inspired by Dogecoin that appears to be derived from Elon Musk’s ambitions to colonize Mars.

    When the token was first released, 50% of the supply was airdropped to Ethereum co-founder Vitalik Buterin. Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity dedicated to life extension and longevity research, within two months of the token’s launch.

    According to a project update from the Dogelon Mars team published yesterday, the next stage of development will bring ELON decentralized finance (DeFi) and staking capabilities.

    “Dogelon Mars is moving into the next phase of development, constructing DeFi and staking out opportunities with a new contract.” Construction is currently underway as community leaders introduce DeFi and a new token to the ecosystem.”

    In addition to the staking upgrade, the team is introducing the xELON governance token, which will be used for voting on initiatives, coordinating protocol decision making, distributing treasury grants, and more. xELON can be obtained by participating in the ELON staking program.

    Following the announcement that ELON would be listed on OKEx and Crypto.com, as well as the recent staking announcement, ELON surged 119 percent, increasing its market capitalization from $426 million to $939 million, according to CoinGecko.

    ELON is currently trading at $0.0000017, a 5.8 percent increase in the last 24 hours.

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