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Support CenterNewsMeme Token Named After Elon Musk Joins The Already Fiery Crypto Dog Fight
Meme Token Named After Elon Musk Joins The Already Fiery Crypto Dog Fight
2021/11/01 15:56:20

Traders have witnessed the bull run of Dogecoin and Shiba Inu over the week as another dog-themed crypto, Dogelon Mars which was named after the CEO of SpaceX and Tesla secretly gained nearly 4000% in October.

Dubbed Dogelon Mars (ELON), the cryptocurrency reached $0.00000233 Saturday—its highest level since May 13—after opening the month at $0.00000005 (data from Poloniex).

The massive upside move pushed Dogelon Mars' market cap from around $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest cryptocurrency in the world by market capitalization.

What launched ELON price to the moon?

A major portion of ELON's October gains came from its performance on Oct. 29 and 30, when the token rallied by more than 200% alongside a listing on OKEx and on Oct. 29.

ELON's impressive gains come amid an ongoing retail mania across Dogecoin-like meme cryptocurrencies.

Most notable is Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency, which rose by more than 850% in October to attain a market cap of around $38.50 billion and even surpassing Dogecoin itself.

Similarly, Samoyedcoin (SAMO) surged by around 2,925% to reach a market valuation of around $458 million. Hoge Finance's (HOGE) rallied by 2,923% in October to become a $458 million asset in comparison to $15 million at the beginning of this month.

“Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally,” Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Assets, told the Wall Street Journal.

“It’s a casino, and it’s more fun than a roulette table.”

Bull Flag in play

The Dogelon Mars price corrected by almost 30% after topping out for the year at $0.00000233. In doing so, it formed a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

Bull Flags appear as the price consolidates lower after a strong move upside, known as Flagpole. Typically, traders anticipate the price to break above the Flag's upper trendline and rise by as much as the Flagpole's height afterward.

The Flagpole's height in ELON's case is around $0.00000102.

Conversely, if the price breaks below the Flag's lower trendline, accompanied by strong volumes, then it risks invalidating the entire bullish setup. Should it happen, ELON may fall towards its 50-hour exponential moving average (the velvet wave) around $0.00000140.

(Article Courtesy of Cointelegraph)

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