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Since the beginning of the week, cryptocurrencies tokens Dogelon Mars (ELON) and Dogecoin (DOGE) both grew in value by almost 50%.
In its logo, the meme crypto depicts a Shiba Inu with the hair of Tesla Inc. founder Elon Musk, which echoes his ambitions to take humans to Mars.
ELON has become the most traded token among the top 1000 ETH whales, according to crypto tracker WhaleStats.
Two leading exchanges added ELON to their lists of tokens this week, helping the token gain traction. A recent announcement from ELON’s development team caused its price to increase by 119 percent. In their next development phase, Dogelon Mars will introduce decentralized finance (DeFi) and staking capabilities to ELON.
“Dogelon Mars is venturing into the next phase of development, building DeFi and staking opportunities with a new contract. At this very moment, construction is underway as the community leaders introduce DeFi and a new token to the ecosystem.”
Additionally, the team intends to introduce the xELON governance token, which will be used to vote on initiatives, facilitate protocol decision-making, distribute grant funds, and more.
In the past seven days, DOGE has gained more than 11 percent.
SHIB shares are up more than nine percent this week.
In addition to Ethereum and Polygon, Dogelon Mars has a dog-themed meme coin.