A meme coin named after Elon Musk rode the wave of joke cryptocurrencies in October to soar 4,000%
- Dogelon Mars made a 3,780% gain in the month of October.
- The meme coin has surged on the wave of social media hype and retail enthusiasm.
A cryptocurrency named after Elon Musk has shot to the moon with a 3,780% gain in October.
Dogelon Mars traded at $0.00000229 on November 1, up from $0.00000005 on October 1, according to data from CoinGecko. It made a 200% leap on Oct. 29 and 30 when the Crypto.com app and OKEX listed it for trading.
The surge pushed the ethereum-based coin's market capitalization from $26 million to $1.19 billion in a month, making it the 92nd largest cryptocurrency in the world by market cap.
October was a solid month for cryptocurrencies across the board, with other meme coins like shiba inu coin and dogecoin also gaining in October. Bitcoin and ethereum also both reached record highs in October.
Shiba inu coin in particular has seen impressive gains. Like Dogelon Mars, the "dogecoin killer" started as a joke but is now worth serious money, with a market cap of around $38.5 billion.
Conversations on Reddit's Wall Street Bets and across social media have continued to boost meme-coin popularity, and Dogelon Mars has been riding the wave of enthusiasm.
The @DogelonMars Twitter account shares memes and updates as the coin continues to rack up gains, and on Sunday #dogelonmars was trending on Twitter.
According to DogelonMars.com, developers intend for the currency to be the first interplanetary currency. The website - complete with a cartoon dog in a spacesuit and animated background - includes a fictional story about its creation, adding additional flair to its meme-coin status.
After hitting its high of $0.00000233 on Saturday, Dogelon Mars saw an almost 30% price correction which formed a bull flag, or an indicator that suggests a bull run may be on the horizon.