An altcoin competing against Dogecoin (DOGE) and Shiba Inu (SHIB) soared 119% in a week as the meme token mania spreads across the crypto space.
The Dogelon Mars (ELON) project is a Dogecoin-inspired meme coin and appears to be derivative of Elon Musk's ambitions to bring humans to Mars.
When the token first fell, 50% of the supply was sent over the air to Ethereum founder Vitalik Buterin. Two months after the token's launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a nonprofit 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 engagement capabilities to ELON.
โDogelon Mars is venturing into the next phase of development, building DeFi and betting on opportunities with a new contract. Right now, construction is underway as community leaders introduce DeFi and a new token for the ecosystem. "
Along with the participation update, the team is introducing the xELON governance token, which will be used to vote initiatives, coordinate protocol decision-making, distribute grants from treasury, and more. xELON may be acquired by participating in the ELON participation program.
After it became known that ELON would be featured in OKEx and Crypto.com, linked to the recent stake announcement, ELON erupted 119%, bringing the market capitalization from $ 426 million to $ 939 million, according to CoinGecko.
ELON is currently trading hands at $ 0.0000017, a 5.8% increase in the last 24 hours.
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