Dogelon Mars rises: Are Binance listing talks fueling ELON token surge?

Highlights

• Meme tokens have surged in value despite lacking defined utility, except for speculative trading
• Dogelon Mars is gaining traction probably because of reports suggesting its Binance listing
• ELON token has yet to become a billion-dollar market cap meme coin like DOGE and SHIB

One segment within the cryptocurrency universe thrived without emphasizing much on utility. The so-called meme tokens have gained so much popularity that assets like Dogecoin (DOGE) and Shiba Inu (SHIB) were featuring among the top 15 cryptos on the CoinMarketCap ranking as of writing.

Other segments like metaverse games using blockchain and decentralized finance (DeFi) platforms talk about their utility, but meme tokens appear more about holding and waiting until the price appreciates. Recently, the Shiba Inu project declared its intention to enter into the blockchain network segment by launching Shibarium, besides issuing a stablecoin SHI. But even without these, SHIB commands a multi-billion-dollar market cap.

Another crypto Dogelon Mars, with ticker ELON, is riding the meme token wave. Let’s know more.

What exactly is Dogelon Mars cryptocurrency?

The official website of the project has very limited information. It talks about a comic character, named Dogelon Mars, that is out to “explore” the galaxy. A few pages in comic book style are available on the website. These speak about a distant future and the “re-colonization” of planet Mars.

Also read: What's happening with Shiba Inu? What is the '$1/SHIB token' discussion?

Besides, there is information on how to join the Dogelon Mars community. It guides the reader toward creating a MetaMusk wallet, a software linked to the Ethereum blockchain. ETH tokens can be bought and swapped for Dogelon Mars crypto. The ticker, ELON, seems to harness the popularity of Elon Musk, a billionaire who was talked positively about cryptos, especially Dogecoin on multiple occasions.

What is Dogelon Mars' (ELON) token price?

There was an upward movement in the price of ELON tokens at the time of writing. The trading volume skyrocketed  in the past 24 hours and was up more than 1,000 per cent. This had translated into over US$200 million trading volume during the said period.

The market cap of Dogelon Mars cryptocurrency was nearly US$600 million, with a per token price of nearly US$0.000001. It was in some reports that Binance might list Dogelon Mars, which could have triggered a surge in the value of the token.

That said, ELON token’s year-to-date (YTD) is negative, and it has had quite a volatile run in 2022. A few crypto enthusiasts may be finding its low price per token attractive, but cryptos are uncertain, which is why Dogelon Mars price prediction can be speculative.

Also read: QNT crypto rises: What are Quant’s ‘Overledger’ and MLT services?

Data provided by CoinMarketCap.com

Bottom line

Dogelon Mars, a meme token with ticker ELON, seems to lack defined utility. Its price rise over the past 24 hours could be attributed to reports around crypto exchange Binance listing ELON token on its platform. Two of the most popular meme currencies, DOGE and SHIB, have a very high market cap, and by this measure, Dogelon Mars has to travel a lot of distance. ELON token does not feature in the top 100 assets, according to CoinMarketCap.

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