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

April 21, 2022 07:11 PM AEST | By Ankit Sethi

Dogelon Mars rises: Are Binance listing talks fueling ELON token surge? — Image source: Pixabay.com

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.

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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.

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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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