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.

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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.

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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.

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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.

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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.

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Cryptocurrency(5)

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Elon Musk

Dogelon Mars

Tags

Elon Musk

Dogelon Mars