A meme cryptocurrency named after Tesla founder Elon Musk has gained almost 4000 percent in October. Dubbed Dogelon Mars (ELON), it surged 200% on October 29 and 30 to take its value to $0.00000233 when it was listed for trading by the Crypto.com app and OKEX. This was the Dogelon Mars' biggest since May 13.
Elon's impressive gains come amid an ongoing retail mania across Dogecoin-like memecoins. October overall has been a great month for cryptocurrencies as a whole, with meme coins like Shiba Inu coin and dogecoin putting up a great show. Besides, Bitcoin and ethereum also hit record highs.
The Rise of Elon
According to data from Poloniex, Dogelon Mars started trading on October 1 at $0.00000005. On November 1, it traded at $0.00000229. The maximum gains were achieved on October 29, when it jumped 200% taking its market capitalization from $26 million to $1.19 billion in a month.
This now ranks Dogelon Mars as the 92nd largest cryptocurrency in the world in terms of market capitalization. Dogelon Mars like several other meme coins have been riding on the enthusiasm generated through conversations on Wall Street Bets and Reddit.
It is likely that Dogeelon Mars will continue to rise in the coming days. Following Saturday's surge, Dogelon Mars saw an almost 30 percent price correction which formed a bull flag, or an indicator that suggests a bull run may be on the horizon.
When price consolidates after a solid move upwards, bull flags appear. This is known as a flagpole. Traders, typically, anticipate the price to break above the flag's upper trendline and rise by as much as the flagpole's height afterward. The flagpole's height in Dogeleon Mars' case is around $0.00000102.
Expectations are now high about the meme coin. According to DogelonMars.com, its developers intend for the currency to become the first interplanetary currency. The website, complete with a cartoon dog in a spacesuit and animated background, includes a fictional story about its creation, adding additional flair to its meme-coin status.
That said, not only Dogeelon Musk, but it has been a more-than-impressive October for almost meme coins as well as cryptocurrencies as a whole.
One of the most eye-catching surges in October was that of Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency that soared by more than 850 percent to reach a market cap of $38.50 billion and even surpassing Dogecoin (DOGE) itself.
Also, Hoge Finance's (HOGE) soared by over 2,923 percent in October to become a $458-million asset in comparison to its valuation of $15 million earlier last month. Besides, Samoyedcoin (SAMO) jumped by around 2,925% to reach a market valuation of around $458 million.