There’s a new Dogecoin cryptocurrency spinoff token making some headlines recently — Dogelon. And, apparently, the coin has been on the rise.
What is Dogelon?
Dogelon is a blending of Dogecoin and Dogecoin investor and fan Elon Musk, who is also the founder of Tesla.
- Per the Dogelon website, the coin is “a fork of Dogecoin, in the same sense that a knife is a fork of a spoon. I have named it after the capital city of Mars: Dogelon (pronounced Dog-a-lon, not Doge Elon because that would be arrogant).”
It seems the goal of the coin is to help people reach Mars more than anything and to stay safe from scams, according to the Dogelon website.
- “We want to reach Mars and beyond. However, many of those good people are rugged, or buy scam tokens that can’t be sold,” the Dogelon website read. “For this reason, the Dogelon community pledges to send tokens over time to victims of rugs and scams, so that the worst day of their trading life can be turned into their best. And after some time, they will be able to join us on our regular flights to Mars….”
The rise of Dogelon
Per AMB Crypto, Dogelon has been “making crazy gains on its daily chart.”
- The token climbed by 120% earlier this week after jumping 1,015% in May.
- The coin has a max supply of 1 quadrillion (1,000,000,000,000,000), meaning there is plenty of supply to be bought and passed around, AMB Crypto reports.
Per Kryptomoney.com, the coin has spiked to become the 10th largest cryptocurrency overall. It now ranks ahead of other tokens such as Chainlink, Litecoin and Solana.
Why Dogelon matters
According to AMB Crypto, the coin is a sign that Elon Musk has a big influence in cryptocurrency even if he isn’t hyping it up as much as he used to.
- “So, even though Musk may not be as influential as he once was, his presence certainly is overwhelming,” according to AMB Crypto. “Simply put, the Tesla CEO’s enthusiasm and promotion of meme-coins may have just spurred the growth of others like DOGE.”