ELON Coin (ELON): the success of a meme does not guarantee the success of a memecoin
The media hype surrounding Trump's election victory has also affected the crypto market. The consequences range from the resumption of growth in the market to the successful launch of the TRUMP OFFICIAL memcoin. However, a crypto project's association with Musk and Trump is far from a guarantee of success, as ELON Coin (ELON) shows.
What is ELON Coin?
ELON Coin was originally named Elon MemeLord — under this name, the token on the Ethereum blockchain entered the market at the end of April 2024. From the beginning, the memcoin exploited Elon Musk's image and status as a "meme lord". In addition, the team's social media accounts and the token's website reacted to almost every high-profile statement made by the billionaire. At the same time, the team was in no way connected to Musk himself.
Like most memcoins, the asset has no practical value or actual use. The creators explicitly say that the token was created as a tribute to Musk and for entertainment.
In December 2024, during the next wave of hype around the billionaire, the token was rebranded and became known as ELON Coin. The project's official website and social network pages were also changed. However, the general concept remained unchanged: exploitation of Musk's image and complete lack of practical application.
It should also be noted that the token's ticker after rebranding — ELON — coincides with the ticker of the noticeably larger Dogelon Mars memcoin. This can already be considered a "red flag."
Market dynamics of ELON Coin
At the time of its release, ELON was valued at $0.0000056583. A total of 690.42 billion tokens were issued. This is how the creators played up Musk's birth date — 69 days after April 20 (420).
The first two months of the memcoin's existence were quite successful. The historic high of $0.00006551 was reached on June 5, 2024. However, since then, the asset has not had much to boast about — the downtrend was briefly interrupted in early November 2024, but the decline resumed.
As of the end of January 2025, ELON Coin is trading below its listing price, around $0.0000047. The memcoin's capitalization is less than $3.3 million, ranking it 1609th on CoinMarketCap. In this regard, "borrowing" the ticker from Dogelon Mars looks quite logical — this memcoin takes 340th place with a capitalization of more than $160 million.
The team could not get its token placed on large centralized exchanges — the largest CEX-listed ELON Coin is BitMart, which is not even in the top twenty regarding trading volume. So, basically, the circulation of memcoin takes place in decentralized exchanges.
ELON Coin prospects
From the above, it is already evident that one cannot seriously count on ELON Coin's market prospects. The fact that a memcoin based on the image of Ilon Musk failed to capitalize on the triumph of its mastermind is a de facto verdict.
Moreover, memcoin can't boast any significant community, either. ELON Coin's official X profile has less than 700 subscribers, and the token's Telegram channel has less than 500.
However, the fact that ELON Coin is a "dead" asset does not mean that the market will not hear about it shortly. A token with a "HYIP" name and tiny capitalization is an ideal tool for scammers and pampers. So, staying away from this memcoin in the foreseeable future is better.