Since the beginning of October, a meme coin named after Elon Musk has risen to a lot of fame. The data shows that the value of the meme coin is constantly rising and it is constantly hitting all-time highs. According to data, as of October 31, 2021, the price of the meme coin experienced a 3,780% surge.
The name of the particular meme coin is Dogelon Mars (ELON) that was launched back in May of 2021. According to reports, when Dogelon Mars was launched on May 13, 2021, it had a unit price of $0.00000005 per ELON. However, as of Sunday, October 31, 2021, ELON’s price had reached $0.00000233 per ELON. This information has been authenticated by Poloniex, and on-chain data analyzing firm.
The performance demonstrated by ELON in the month of October is really phenomenal. It is quite shocking that at the beginning of October, the market valuation of ELON was $26 million, which crossed the $1.19 billion benchmark on October 31, 2021.
As a result of demonstrating such positive and promising performance, ELON has now earned the spot of being the 92nd largest cryptocurrency in the entire crypto-verse.
The performance demonstrated by ELON brings the investors to question what led to such a rally for the digital asset. In the month of October, the majority of the gains ELON recorded were on October 29 and October 30 respectively.
The data suggest that on these particular days, ELON experienced a tremendous rally from the investors’ end. It was because the digital asset saw itself being listed on two major cryptocurrency exchanges. On the same day, October 29, 2021, ELON was listed on major cryptocurrencies that include Crypto.com ad OKEx. Right after the listing, ELON visited a huge rally, which helped it gain 200% growth in its unit price.
The major reason behind the huge rally for ELON is somewhat related to Dogecoin. For several months, Dogecoin has been gaining a lot of market attention and the retail sector has been monitoring the industry very closely.
Due to the high demand for the meme coins, ELON is also benefiting from the situation has been gaining a huge rally in terms of its prices. When it comes to meme coins, the most notable one is Shiba Inu (SHIB) that used to come to the list after Dogecoin (DOGE).
In the month of October alone, the price of SHIB has experienced an over 850% increase. This has helped SHIB earn a market valuation of $38.50 billion, surpassing DOGE in the process.
There are other meme coins that are also benefitting from the rally that including Samoyedcoin (SAMO) and Hoge Finance (HOGE). Prices of both SAMO and HOGE have grown by 2,925% and 2,923% in the month of October.