Dogelon Mars (ELON) Is Up 4,000% In October, Can It Copy Shiba Inu’s Run?

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Another week, another memecoin apparently. As from the moment (back in January that is) that a group of Redditors got together on the forum WallStreetBets and decided to create a short squeeze by betting against a Wall Street hedge fund, the term Memestocks was born.

2021 progressed and tweets by Elon Musk, the Tesla and SpaceX CEO, were seen as the major catalyst for the growth of Memecoin Dogecoin, a funny crypto which irked the more ‘serious’ crypto analysts and investors the wrong way.

By mid-april, as Dogecoin grew to become the 5th largest crypto coin on CoinMarketCap and traded for 75 cents, people were taking Dogecoin serious. Even Shark Tank star Mark Cuban admitted he bought some Doge for his own son.

Other memecoins soon followed and in the past month, the most notable one was Shiba Inu, which surged past Dogecoin itself and made it into a Wall Street Journal article and on a CNN discussion forum. Not bad.

Next nonsensical rally

As was to be expected, more memecoins are on the way and people are buying into those as well. The newest entrant that is quickly rising in value, namely by a whopping 3,780% in October is Dogelon Mars, which trades with the ticker ELON (Given that Musk himself has gotten into a discussion about solving ‘world hunger’ this week, the term Elon could be scoring quite high this indeed in the next few days).

The coin has gained some 300% in the last week of October alone after securing a listing on KuCoin, OKEx and Crypto.com.

The universe called, Dogelon Mars answered.

With 100,000 friends & allies at his side.

Together, we are unstoppable.

Together, we will reach the stars.

Thank you to our 100,000 $ELON holders 💫 pic.twitter.com/3Hlbv3ikwz

— Dogelon Mars (@DogelonMars) November 1, 2021

Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Assets, explained the recent phenomenon of memecoins to the Wall Street Journal, stating:

Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally.

He concluded by saying:

It’s a casino, and it’s more fun than a roulette table.