The meme coin frenzy isn’t quite the same as it was in the spring of 2021, but investors catch glimpses of the past occasionally. That’s holding true today as Dogleon Mars (ELON-USD) sees a massive price swing for no tangible reason. The token appears to be riding the hype that billionaire Elon Musk is generating through his Tesla (NASDAQ:TSLA) shareholder meeting and a bid to purchase Twitter (NYSE:TWTR). Now, ELON crypto bulls think they can leverage the inadvertent catalyst for some sizable gains. Moreover, there’s a rumor floating around regarding an exchange listing that’s adding fuel to the fire.
Last year, meme cryptos saw great trading volume fluctuations for the most random of reasons. And most of the time, these reasons were tied to Elon Musk. A cryptic tweet of a neon sign in May caused a price spike for Dogecoin (DOGE-USD) prices, and a post about SpaceX’s coming Starbase headquarters in Texas spawned a token of the same name. The billionaire even spawned one of the most successful meme coins of the present day, Floki Inu (FLOKI-USD), simply by tweeting his intentions to name his puppy Floki.
This ability to influence crypto prices has certainly worn thinner than before. But, there are times when Musk can in fact pump a currency with no effort. That’s the case this week, as the ELON crypto adds fresh gains due largely to a Musk association.
Today stands to be a big day for Elon Musk. The Tesla executive is gearing up for the company’s Q1 earnings meeting this afternoon. With some great figures regarding production and deliveries, there’s a high hope for Tesla to surpass revenue expectations. Additionally, the entrepreneur has remained in the headlines for his attempt to purchase Twitter. After becoming the majority shareholder for a brief moment, Musk is rushing to secure the necessary financing to buy the platform outright.
Dogelon Mars Gets a Boost From Elon Musk’s Big News Week and a Binance Rumor
As of this morning, Musk has investors chattering with a cryptic tweet:
_______ is the Night
— Elon Musk (@elonmusk) April 20, 2022
Could he mean “tonight is the night,” referencing some big announcement at the earnings meeting? Could he mean “tender is the night,” referencing a second bid to buy the social media monolith that is Twitter? Investors can’t say for sure. All we know is that publicity for Elon Musk equals publicity for Dogelon Mars. Of course, the token is built entirely in Musk’s image. It uses a mascot styled like the billionaire and even uses his first name as a ticker symbol.
Dogelon Mars developers are helping to capitalize on the hype further by playing along with Musk’s tweet. The ELON crypto Twitter account is filling in the blank, saying “tonight is the night.” It could be a post purely made to keep people thinking about the crypto. If that’s the case, it is working; the crypto is up over 37% after beginning a massive run yesterday. Transaction volumes are also up sixfold, with nearly $170 million in ELON swapping hands.
Yet, the tweet could also point to a big announcement of ELON’s own. Indeed, speculation has picked up in recent days as investors hope for a listing on Binance (BNB-USD). With one Dogelon Mars sleuth noting that the exchange is allowing ELON deposits, investors believe the company is laying the groundwork for a full listing.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
