The “Dogelon Mars” meme coin named after Elon Musk increases by 4,000% in October

A coin meme named after CEO Elon Musk of Tesla and SpaceX will rise in price, namely 4,000% in October.

Known as Dogelon Mars (ELON), it hit $ 0.00000259 today (October 31) – its highest level since May 13 – after starting at $ 0.00000005 in October.

The massive upward movement drove ELON’s market capitalization from around $ 26 million on October 1 to a high of $ 1.3 billion, making ELON the 100th largest cryptocurrency by market capitalization.

ELON / USDT daily rate chart ATHING | Source: TradingView

What brought the ELON award “to the moon”?

The majority of ELON’s October gains come from performance on October 29th and 30th, which grew by more than 200% with the listing on OKEX.

“Thank you Martians for the enthusiastic support in getting us listed on OKEx. It is just one of many stations on our intergalactic mission. ELON emissions are now transferred to your wallet! “

ELON’s impressive profits come amid an ongoing retail craze for Dogecoin-like memes.

Most notable of all is Shiba Inu (SHIB), a cryptocurrency dubbed the “DOGE Destroyer” that rose over 850% in October and currently has a market cap of around $ 37.25 billion, even surpassing Dogecoin itself.

Top coin memes by market cap | Source: CoinMarketCap

Similarly, Samoyedcoin (SAMO) rose 2.925% and reached a market cap of around $ 468 million. Hoge Finances (HOGE) was up 2,923% in October, increasing its capitalization from $ 15 million at the beginning of the month to $ 458 million today.

Eric Wall, Chief Investment Officer of the crypto investment firm Arcane Assets, to say:

“Whenever one of those coins pumps a little, people think this could be the next pointless bull run. It’s a casino and it’s more fun than a roulette table. “

Bull flag appears

ELON price corrected nearly 30% after rising to a local high of $ 0.00000233. In doing so, it forms a parallel descending channel that appears like a bull flag, a bullish continuation indicator.

Hourly ELON / USDT price chart raising a bull flag | Source: TradingView

A bull flag appears when price consolidates downward after a sharp upward move known as a flagpole. Usually traders predict that the price will break the flag’s upper trend line and then rise to the height of the flagpole.

The height of the flagpole at ELON is approximately $ 0.0000102.

Conversely, if price falls below the flag’s bottom trendline accompanied by high volume, there is a risk that the entire bullish setup will be invalidated. If so, ELON could fall to the 50-hour exponential moving average (velvet wave) around $ 0.000014.

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