Benzinga | Nov 6, 2021 11:45AM EDT

Elon Musk-Named Meme Token Dogelon Mars Gains 119% in Seven Days, Nears $1B Market Cap

The cryptocurrency token Dogelon Mars (CRYPTO: ELON) gained 119% in one week, competing with Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).

According to CoinGecko, ELON is now listed on OKEx and Crypto.com, following that announcement, ELON spike by 119%.

The market cap moved from $426 million to $939 million.

Last Saturday, it reached an all-time high of $0.00000259. It was gaining over 4000% after opening the month of October at $0.00000005.

Also Read: HOW TO BUY DOGELON MARS (ELON)

Yesterday, 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."

The team is also aiming to introduce xELON governance token, which will be used to vote on initiatives, coordinate protocol decision-making, distribute grants from the treasury, and more.

ELON is currently exchanging hands at $0.0000016, down 2.1% in the last 24 hours.

According to the creator of ELON, the project will be constantly evolving. Dogelon is an ERC20 cryptocurrency built on the Ethereum blockchain.

The so-called meme cryptocurrency is named after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.

Also Read: These Dogecoin And Shiba Inu Knock-Offs Are Striking Major Gains Today, With One 'Rabbit' Coin Up 483%

Photo: Courtesy of twitter.com/DogelonMars