Uniswap (UNI) market capitalization was briefly flipped today as Dogelon Mars (ELON) suddenly rose to rank 10th largest cryptocurrency. Jokes turned sweet for Dogelon Mars (ELON) after Coinmarketcap’s ranking placed the dog-themed token ahead of tokens such as Chainlink, Litecoin, Solana while claiming the tenth spot.
The move however seems to be a glitch on Coinmarketcap, which remained at the time of publication. However, Dogelon Mars had shifted to 13th place, with a market cap of $9.64 billion. On the other hand, ELON’s market cap as seen on Coingecko was $36,379,666 at press time while ranking 528th largest.
The glitch however played out favorably well for the dog-themed token as it gained nearly 25% within hours. Taken from today’s lows of $0.000000052 to highs of $0.000000089, ELON has rallied by nearly 53%. At the time of writing, ELON/USDT was trading at $0.000000073.
But what is Dogelon Mars (ELON) anyway? As seen on the Dogelon website ”Technically, it is is a fork of Dogecoin, in the same sense that a knife is a fork of a spoon” this may sound amusing, but it should be borne in mind, just like Dogecoin, this digital asset was created out of a joke. The Tokenomics goes thus:
”1,000,000,000,000,000 ELON were created, 50 percent were sent to Vitalik Buterin, 50 percent were permanently locked with Ether on Uniswap. The community is encouraged to airdrop Dogelon tokens to victims of rugs and scams. It’s important to give back and build community trust”
“Time to pay attention.”
Binance order book data however show the least resistance in Bitcoin’s path up to $45,000 or even $47,000. Stock-to-flow Bitcoin price forecasting models predict a much higher spot price, of up to $94,839.
Nonetheless, its creator, PlanB, has stated that a monthly close of at least $47,000 for BTC/USD in August would be enough for progress to remain on track. The hypothesis is also dependent on whale investing behavior. At the time of writing, Bitcoin traded at $41,268
3 Events Are Set for August!
First, starting from August 2, 2021, German institutional funds will be able to hold up to 20% of their assets in cryptocurrencies, possibly setting the stage for wider mainstream acceptance of Bitcoin (BTC) and other crypto assets by the nation’s pension funds.
As Bloomberg reports, the new law alters fixed investment rules governing Spezialfonds, also known as special funds, which are only accessible to institutional investors such as pension funds and insurers. Spezialfonds currently manages about $2.1 trillion, or 1.8 trillion euros, worth of assets.
Second, the much-awaited and publicized Ethereum London hard fork is soon approaching its debut. According to ethernodes.org, the upgrade’s countdown is only five days away at the time of writing. This upgrade, set to revolutionize the largest smart contract platform and ecosystem globally, will launch on August 4.
Third, while the final deployment of the Alonzo upgrade on the mainnet was planned to be in August 2021, there seemed to be a slight delay in the phase’s release. However an update from IOHK CEO, Charles Hoskinson gives a tentative date for Cardano smart contracts launch to be August 31st.
Image Credit: Coinmarketcap, Shutterstock