Elon Musk-named meme token ‘Dogelon Mars’ gains nearly 4000% in October

A so-called meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk is rising in worth, specifically by a whopping 3,780% in October.

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

The huge upside transfer pushed Dogelon Mars’ market cap from round $26 million on Oct. 1 to as excessive as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest cryptocurrency on this planet by market capitalization.

ELON/USDT each day worth chart that includes its all-time excessive. Supply: TradingView

What launched ELON worth to the moon?

A significant portion of ELON’s October good points got here from its efficiency on Oct. 29 and 30, when the token rallied by greater than 200% alongside a itemizing on OKEx and Crypto.com on Oct. 29.

ELON’s spectacular good points come amid an ongoing retail mania throughout Dogecoin-like meme cryptocurrencies.

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

High meme cryptocurrencies by market cap. Supply: CoinMarketCap

Equally, Samoyedcoin (SAMO) surged by round 2,925% to succeed in a market valuation of round $458 million. Hoge Finance’s (HOGE) rallied by 2,923% in October to grow to be a $458 million asset compared to $15 million initially of this month.

“Every time certainly one of these cash begins to pump slightly bit, everybody begins to suppose this might be the subsequent nonsensical rally,” Eric Wall, chief funding officer of cryptocurrency funding agency Arcane Property, advised the Wall Avenue Journal.

“It’s a on line casino, and it’s extra enjoyable than a roulette desk.”

Bull Flag in play

The Dogelon Mars worth corrected by nearly 30% after topping out for the 12 months at $0.00000233. In doing so, it fashioned a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

ELON/USDT hourly worth chart that includes Bull Flag. Supply: TradingView

Bull Flags seem as the value consolidates decrease after a powerful transfer upside, referred to as Flagpole. Sometimes, merchants anticipate the value to interrupt above the Flag’s higher trendline and rise by as a lot because the Flagpole’s top afterward.

The Flagpole’s top in ELON’s case is round $0.00000102.

Associated: Bitcoin hodling charge reaches 9-month excessive, boosting hopes of ‘bull flag’ rally to $70K

Conversely, if the value breaks beneath the Flag’s decrease trendline, accompanied by sturdy volumes, then it dangers invalidating your complete bullish setup. Ought to it occur, ELON could fall in direction of its 50-hour exponential shifting common (the velvet wave) round $0.00000140.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your personal analysis when making a choice.