An altcoin competing against Dogecoin (DOGE) and Shiba Inu (SHIB) just skyrocketed 119% in one week as meme token mania rages through the crypto space.
The project Dogelon Mars (ELON) is a meme coin inspired by Dogecoin and appears to be derived from Elon Musk’s ambitions to bring humans to Mars.
When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.
Yesterday, a project update from the Dogelon Mars team shared that the next stage of development will bring decentralized finance (DeFi) and staking capabilities to ELON.
“Dogelon Mars is venturing into the next phase of development, building DeFi and staking opportunities with a new contract. At this very moment, construction is underway as the community leaders introduce DeFi and a new token to the ecosystem.”
Along with the staking upgrade, the team is introducing the xELON governance token, which will be used for voting on initiatives, coordinating on protocol decision making, distributing grants from the treasury and more. xELON will be able to be acquired by participating in the ELON staking program.
After news broke that ELON would be listed on OKEx and Crypto.com, tied with the recent staking announcement, ELON erupted 119%, bringing the market cap from $426 million to $939 million, according to CoinGecko.
ELON is currently exchanging hands at $0.0000017, up 5.8% in the last 24 hours.
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