Dogelon Mars has surged into the 100 top cryptocurrencies listed by market capitalization and sits in the #98 position at the time of writing. Over the past 48 hours, the market cap and token value of Dogelon Mars (ELON) have appreciated by +56.72% with a market capitalization of over $1 billion at the time of writing.

This has resulted in celebration from investors thanks to the market performance but skepticism from community members and pundits. At best, they lament the entrance of another meme into the top 100 and, at worst, that the project is a scam as many people have reported not being able to sell their tokens.

Furthermore, the meteoric rise of Dogelon Mars has seen the token flipping the likes of Ontology (ONT) and other legitimate projects with stronger fundamentals. The recent success of ELON can be attributed to a larger “meme coin” bull run which has been influenced by the fast growth of tokens such as Dogecoin (DOGE).

A meme coin is an informal name used to describe cryptographic currency tokens based on their identity, branding, and project fundamentals (or lack thereof). Two of the most popular meme coins have been Dogecoin (DOGE) and Shiba Inu (SHIB) whose popularity has further skyrocketed in recent weeks. Most often, they are believed to have little-to-no substantial value beyond the hype which surrounds them.

You may have noticed a recurring naming convention so far among these ‘meme coins’. Dogecoin is named after the ‘doge’ internet meme which became famous in 2013 and the ‘doge’ meme in all its interpretations features a representation of a dog of the ‘Shiba Inu’ breed (the namesake of SHIB).

Dogelon Mars and its success were similarly inspired by that of Dogecoin. Furthermore, Dogelon Mars follows in this trend with the first word in its name being a portmanteau of the ‘doge’ meme with the first name of Elon Musk, and the second word ‘Mars’ is a clear reference to the eponymous billionaire’s interstellar business pursuits (SpaceX) and status as an enthusiast of space and exploration proponent. Elon Musk is not officially associated with this project in any way.

A brief look at the Dogelon website reveals that its project marketing, including on-site copy, strongly fits the classic expectations of a ‘meme coin’. Whilst it does feature important and arguably essential information such as tokenomics and metrics, they share equal screen space with a comic book and the project’s ‘about’ section which does little to attempt to appear serious.

Here is an excerpt from the website’s ‘about’ page:

“In the year 2420 a young Dogelon Mars was born onto the beautiful red sands of Mars where he would live peacefully alongside his family. Together they worked hard to develop their expanding colony into a hub of technology that would bring prosperity to all life across the galaxy. This development continued until the dreaded arrival of the Annihilators who would chase young Dogelon Mars backwards through time and space where he would find refuge on planet Earth and begin a new journey…

“I am Dogelon. Dogelon Mars. Join me and together we will reach the stars.”

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