JAKARTA - A cryptocurrency meme named after Tesla and SpaceX CEO Elon Musk increased in value by 3.780% in October.
Dubbed Dogelon Mars (ELON), the cryptocurrency hit $0.00000233 per coin on Saturday, November 6, which is the highest level since May 13, after opening the month at $0.000000005 (data from Poloniex).
This massive upside move pushed Dogelon Mars' market cap from around $26 million on October 1 to $1.19 billion on October 30, making ELON the 92nd largest cryptocurrency in the world by market cap.
Most of ELON's gains last October came from its performance on October 29 and 30, when the token strengthened more than 200% along with listings on OKEx and Crypto.com on October 29.
Thank you Martians for all of your overwhelming support to get us listed on OKEx. It is only one of many stops on our intergalactic mission. $ELON emissions are being transported to your wallets right now!
— Dogelon Mars (@DogelonMars) October 28, 2021
ELON's impressive gains come amid the ongoing retail mania across memecoins like Dogecoin.
Most notable is Shiba Inu (SHIB), a joke cryptocurrency inspired by Dogecoin which rose more than 850% in October to reach a market cap of around 38.50 billion US dollars and even surpassed Dogecoin (DOGE) itself.
Similarly, Samoyedcoin (SAMO) surged around 2.925% to reach a market valuation of around US$458 million. Hoge Finance (HOGE) strengthened 2.923% in October to assets worth US$458 million compared to US$15 million earlier this month.
“Every time one of these coins starts pumping a little bit, everyone starts thinking this could be the next senseless 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."
The price of Dogelon Mars itself corrected almost 30% after surpassing this year's record of 0.00000233 US dollars. Thus, it forms a parallel descending channel that appears like a bull flag, an ascending continuation indicator.
The bull flag appears when price consolidates lower after a strong up move, known as the flagpole. Typically, traders anticipate the price to break above the flag's upper trend line and rise as high as the flagpole thereafter. The height of the flagpole in the case of ELON is about 0.00000102 dollars.
Conversely, if the price breaks below the flag's lower trend line, accompanied by strong volume, then it risks canceling the entire bullish setup. In that case, ELON may fall towards the 50 hourly exponential moving average (velvet wave) around 0.00000140 dollars.
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