Dogelon Mars (ELON), a meme coin named after Tesla boss Elon Musk, has been able to post four-digit growth in October.
The coin seems to have soared by 3,780% in October alone, which is the highest valuation it has achieved since it was introduced in May.
While Dogelon has caught the sights of some investors, it has not been able to prod the tech maverick into tweeting about it. In fact, Musk recently said that Bitcoin, Ethereum and Dogecoin were pretty much the only cryptocurrencies that he would seriously care for or consider investing in, damaging Shiba Inu a bit in saying so.
Despite a lack of endorsement by its purported patron, ELON has been able to achieve a valuation of $1.19bn as of October 30, making it the 92th largest cryptocurrency in circulation. It was able to list on both Crypto.com and OKEx on October 29, which gave it another 200% boost last month.
Musk has poked fun at cryptocurrencies for the longest time, but in a sudden twist of events, he might find himself at the butt of a crypto joke.
While Musk may not have truly done too much to support ELON, the tech entrepreneur is to blame for the recent mania surrounding meme coin tokens. Dogecoin would not have gained prominence so quickly had it not been for Musk’s jokey tweets, like “who let the DOGE out?”
SHIB, the Shiba Inu token that was never endorsed by Tesla’s boss, continues to soar. As it turns out, investors and crypto enthusiasts are looking for the next Dogecoin that could make them rich in exchange for a nominal investment.
Recently, a Shiba Inu account worth $5.7bn was discovered. The owner invested $3,400 back in 2020 and managed to increase his total valuation to $5.7bn in less than a year, making a number of small investments.
So, does Dogelon have a future? That really depends. Elon Musk seems hardly interested, but the ELON fanbase is continuing to pour in funds and bolster the value of the coin.
While Dogelon is not yet listed at Bitcasino, 1xBit or FortuneJack, it seems to be showing a strong growth potential.