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 large 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 the earth by market capitalization.
ELON/USDT each day value chart that includes its all-time excessive. Supply: TradingView
What launched ELON value to the moon?
A significant portion of ELON’s October positive aspects 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.
Thanks Martians for all your overwhelming help to get us listed on OKEx. It is just considered one of many stops on our intergalactic mission. $ELON emissions are being transported to your wallets proper now!
— Dogelon Mars (@DogelonMars) October 28, 2021
ELON’s spectacular positive aspects 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.
Prime 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 change into a $458 million asset compared to $15 million originally of this month.
“Every time considered one of these cash begins to pump somewhat bit, everybody begins to suppose this could possibly be the following 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 value 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 value chart that includes Bull Flag. Supply: TradingView
Bull Flags seem as the worth consolidates decrease after a robust transfer upside, often called Flagpole. Usually, merchants anticipate the worth 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 worth breaks beneath the Flag’s decrease trendline, accompanied by robust volumes, then it dangers invalidating the whole bullish setup. Ought to it occur, ELON might fall in direction of its 50-hour exponential transferring common (the velvet wave) round $0.00000140.
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