The cryptocurrency market has gone mad. A coin named after Elon Musk made 3780%

Cryptocurrencies, led by BTC, bring with them exceptional technology that can have a major impact on our future. Especially in connection with BTC, we really believe that it can contribute to a better tomorrow. However, the crypto market as such is also full of various frauds, or at least absurd price speculations associated with truly worthless projects.

A cryptocurrency named can also be included in this category Dogelon Mars (ELON), which is trading at $ 0.000002102 at the time this article is described. According to the Cointelegraph portal, it has strengthened over the last month by an incredible 3780% except for the capitalization of over one billion dollars, thanks to which it has already jumped to 94th place the most valuable cryptocurrencies.

The problem is that this cryptocurrency has no foundation and purpose. It entire “hype” is based on the fact that it is a “meme coin” associated with “buzz words” – Elon Musk, it big “brother” Dogecoin and the planet Mars. In other words, it’s a combination of Elon Musk’s favorite things – from Mars, where he wants to go with his company SpaceX, through his favorite crypto Dogecoin, to his name, which is the ticker of this cryptocurrency on exchanges that don’t shy away from adding Dogelon to his offers because they know full well that they can pack up for it themselves.

“Every time one of those cryptocurrencies starts pumping a little, everyone starts to think it could be another pointless rally,” commented on Eric Wall’s strength of Dogelon Mars (ELON). The Investment Director of Arcane Assets added: “It’s like a casino and it’s more fun than roulette.”

In this way, Wall easily described the irrational nature of the current cryptocurrency market, which is driven by investing in coins that have no real value, as they do not bring with them any new technology. Their price grows only because hype (madness) builds around them. More experienced investors with considerable capital can help with their own investments, which attract other investors to these coins. The bubble then inflates until it bursts. Back then, early investors made big profits, and inexperienced retailers who didn’t even know why they had invested in the cryptocurrency would make big losses.

The story of Squid Game was a disaster

Dogelon Mars (ELON) is far from the only cryptocurrency experiencing such madness. If we go around Dogoecoin and Shiba Inu, which have already become a kind of mainstream, then just to illustrate, we will mention the cryptocurrency named after the popular series of recent weeks. Squid Game. This coin has grown by an incredible 1724% in 24 hours. Subsequently, however, it fell to virtually zero. The whole hype was built on the fact that it had the same name as the mentioned series. But don’t look for technology or a solution to the world famine.

On behalf of our editorial staff, we emphasize that you should be extremely careful with such cryptocurrencies so that you do not end up the same as those who bought the Squid Game cryptocurrency a few hours ago. Unlike BTC, it does not solve any specific problem. Their market price is only affected by speculation, which means that one day each of them will run out of breath and there will be “blood” on the street. However, no one knows in advance when this will happen. However, those who jump on the train last will pay for it.