Although Dogelon Mars (ELON) is one of the tokens that is doing quite well in 2021, the price of this memecoin is still very low at the moment. Dogecoin-inspired tokens may be in high demand right now.
It seems investors are still not very interested in ELON as the token is trading around $0.0000008641. But since this coin meme’s name is associated with two of the most well-known cryptocurrencies, people are starting to take notice.
Named after Dogecoin and Elon Musk, the coin has grown by 4,276% in a month from October 2021. Since then, however, it has fallen by 64.15%.
Yesterday’s rally brought ELON back into the eyes of investors, the token price surged 11.7% to close right at the 200-day Simple Moving Average (SMA).
ELON Price Action | Source: TradingView
The coin meme broke below the 50- and 100-day SMA in January and tested the 200-day SMA for support. A close above this area will allow the altcoin to rally soon.
This is important if Dogelon Mars intends to bring investors back to the network. ELON holder activity is usually at its peak when the token is trending. As with Shiba Inu holders, the number of users dwindles during periods of bearish movements and surges again when the meme coin’s price rises.
On average, only 486 of the 131,000 ELON investors are active.
Number of active addresses of Dogelon Mars | Source: Intotheblock
Less active investors make on-chain activity pretty bleak, resulting in a lack of cash flow. In the past two months, the number of on-chain transactions has plummeted from 3,600 to 658. As a result, 24-hour trading volume has also dropped from an average of $90 million to $3 million.
Dogelon Mars Trading Volume | Source: Intotheblock
Even whales make up 75% of the supply, about 1,000,000,000,000,000 (1 million billion) of Dogelon Mars remained “silent”. Trading volume hasn’t surpassed the $4 million mark in weeks.
Trading the Dogelon Marswhal | Source: Intotheblock
While the memecoin may look very appealing, it is just a shiny metal and not gold in the eyes of investors right now.
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