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A Shiba Inu (SHIB) and Dogecoin (DOGE) competitor has skyrocketed in value this week as Bitcoin and numerous other crypto projects have seen significant price increases.

The meme coin Dogelon Mars (ELON) has surged by nearly 50% in the past seven days and is trading at $0.000002 at time of writing. The 126th-ranked crypto asset by market cap appears to be derived from Elon Musk’s ambitions to bring humans to Mars.

When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.

ELON is also now the most traded token among the top 1000 ETH whales, according to the crypto tracker WhaleStats.

Last month, ELON’s price increased over 100% in response to a project update from the Dogelon Mars team regarding their next development stage, bringing decentralized finance (DeFi) and staking capabilities to the platform.

Other meme coins have also seen price increases this week: DOGE has surged by more than 11% in the past seven days and is trading at $0.187373 at time of writing.

SHIB is up more than 9% this week and is trading at $0.000037 at time of writing.

Bitcoin is trading at $51,045.67 at time of writing and is up more than 10% in the past seven days.

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Featured Image: Shutterstock/klyaksun/Fotomay/WindAwake/Chuenmanuse

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