The new decade brought a lot of change with it, particularly to the way many people invest. In 2020, the Federal Reserve’s aggressive spending spurred waves of speculative investing in volatile industries like tech. Then in 2021, meme stocks and crypto were all that people could talk about. Meme cryptos took the helm in the summer specifically, allowing names like Dogelon Mars (ELON-USD) to soar. Now, though, the ELON crypto is showing that meme coin madness is far from over. The token is one of the top-gaining plays this week.
Indeed, the last two and a half years have contrasted starkly with the previous decade. Unpredictable ways of generating money have shined through by way of meme stocks like GameStop (NYSE:GME) and AMC (NYSE:AMC) as well as cryptos like Bitcoin (BTC-USD), Ethereum (ETH-USD) and more. It’s only natural, then, that some savvy developers look to bridge the two in the meme coin crypto market.
Meme tokens are highly speculative and often take on humorous logos and names while typically having little fundamental value. In early 2021, Dogecoin (DOGE-USD) first led the frenzy. Since then, a slew of Shiba Inu-themed cryptos have cropped up in its wake.
Dogelon Mars is one of these tokens, spawning in almost a year ago today. The “pupcoin” has also seen its fair share of success. Like other meme coins, many of its gains come simply by virtue of speculation. But curiously, as other pupcoins fade into obscurity, Dogelon is holding its own.
Dogelon Mars Holders Bear Hefty Gains as Pupcoin Demand Resurges
Much of Dogelon Mars’ longevity can be attributed to the ever-present influence that Elon Musk has over crypto. If it’s not already apparent from its name, ticker symbol or Shiba Inu mascot’s eerie similarity to the entrepreneur, the token is an homage to the infamous Tesla (NASDAQ:TSLA) magnate. This helps it in an inadvertent way; whenever Musk is in the headlines, the news is often reflected in price changes for the ELON crypto.
Such is the way of meme coins. When Elon Musk spent the summer tweeting about his love for Shiba Inus, for instance, pupcoin trading volumes increased. Now, it looks like the symbiotic relationship between Musk and meme coins is strengthening yet again amid a news-filled week for the CEO.
As the billionaire prepares a new bid to buy Twitter (NYSE:TWTR), millions upon millions of dollars are flooding into ELON, a much higher volume than recent months. The token also saw another run-up into Tesla’s earnings report yesterday. This anecdotal evidence points toward the ability of ELON holders to leverage Musk for the crypto’s own catalysts. Every mention of his name bumps the ticker symbol’s presence up. Plus, holders are able to mobilize on social media, posting en masse to pump up the value of Dogelon Mars.
This is the power that the community seems to be channeling this week. In an otherwise news-less week for the project, the token has been trending multiple times across Twitter. In the meantime, trading volume has exploded to over $100 million currently. That volume has allowed ELON to hold a seven-day gain of more than 25%.
On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
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.