Elon Musk meme token “Dogelon Mars” gained nearly 4000% in October. Enormous bull runs have emerged in sync with similar price spikes in Dogecoin-inspired prank altcoin projects, particularly the Shiba Inu. The meme cryptocurrency, named after Tesla and SpaceX CEO Elon Musk, gained a massive 3,780% in October. Details cryptocoin.com‘in.
Higher in altcoin rankings
Dubbed Dogelon Mars (ELON), the cryptocurrency hit $0.000000233 on Saturday (the highest since May 13) after opening the month at $0.00000005. The massive upward move pushed Dogelon Mars’ market cap from around $26 million on October 1 to $1.19 billion on October 30, making MUSK the 92nd largest cryptocurrency in the world by market capitalization.
What threw the ELON price? The bulk of ELON’s gains for October came from its performance on October 29 and 30, when the token rallied more than 200% with its October 29 listing on OKEx and Crypto.com.
ELON’s impressive gains have come amid the ongoing individual frenzy in Dogecoin-like meme cryptocurrencies. Most notable is the Shiba Inu’ (SHIB), a Dogecoin-inspired prank cryptocurrency that rose more than 850% in October to a market cap of $38.50 billion, even surpassing Dogecoin itself. Similarly, Samoyedcoin (SAMO) has increased by approximately 2,925 to reach a market cap of $458 million. Hoge Finance’s (HOGE) increased 2.923% to $458 million in assets in October, compared to $15 million earlier this month.
Eric Wall, chief investment officer at crypto investment firm Arcane Assets, told the Wall Street Journal, “When one of these cryptocurrencies starts to rise just a little bit, everyone starts to think it might be the next ridiculous rally. “It’s more fun than a casino and a roulette table,” he said.
bull flag in play
The Dogelon Mars price has corrected by almost 30% after peaking at $0.00000233 for the year. In doing so, it formed a parallel descending channel that looks like a Bullish Flag, a bullish continuation indicator.
Bullish Flags appear as the price consolidates lower after a strong upward move known as the Flagpole. Typically, traders expect the price to rise above the Flag’s upper trendline and then rise as high as the Flagpole’s height. The Flagpole height in ELON’s case is approximately $0.00000102. Conversely, if the price dips below the Flag’s lower trendline with strong volumes, there is a risk of invalidating the entire bullish setup. In such a case, ELON could drop to its 50 hourly exponential moving average around $0.00000140.
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