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​Time to Join Cloud Mining? Musk's Eponymous Cryptocurrency Surges 4000% in January

​Time to Join Cloud Mining? Musk's Eponymous Cryptocurrency Surges 4000% in January

​The cryptocurrency Dogelon Mars (code ELON) named after Tesla CEO Musk reached a record high of $0.00000259 last Saturday, and the price in early October was $0.00000005. It rose by more than 4000% in a month, and its market value increased from $26 million to $1.4 billion, making it one of the top 100 cryptocurrencies in the world. Many miners are wondering if it is time to join cloud mining.

Since the coin was launched, Musk, who has long been passionate about cryptocurrency, has repeatedly shaken the flag for this cryptocurrency on Twitter. On February 15 this year, Musk said on Twitter that if the major Dogecoin holders dump their Dogecoin. Too much concentration and too many miners joining cloud mining is the only real problem. He went on to say that I will pay some money to users who log out of their accounts. After Musk posted the "MarsCoin" news on Twitter, the price of the little-known Mars coin soared by more than 1,100% in a short period of time.

Mars Coin was born in 2013 and the price of the old coin has been below $0.2 for many years. Should miners join cloud mining? After Musk's tweet, its price jumped to more than US$2.5 and then fell back to less than US$1 because someone reminded that this cryptocurrency has nothing to do with Musk. As a niche currency, the Mars coin is only traded on a few exchanges.


Musk's answer brought liquidity to the old coin, and its 24-hour trading volume increased by more than 3,000%. The data shows the latest news about cryptocurrencies. In the past 24 hours, the trading volume of MARS/BTC trading pairs on exchanges was approximately $15,000. Its liquidity in the fund pool makes it easier for large orders to move prices in any direction.

Mars coin also clarified on its official website after being "touched by porcelain" that it has nothing to do with entrepreneur Musk but focuses on its original plan, which is to provide funding for the first human settlement on Mars.


This so-called meme coin name contains three elements related to Musk: Dogecoin, Elon, and Mars, making it an opportunity to join cloud mining. Its founder stated that this is a project that will continue to evolve. Donelon is an ERC20 cryptocurrency based on the Ethereum blockchain. The cryptocurrency was included on October 29, and it has risen by more than 200% in two days.