Dogelon Mars Grows By 4000 Percent In October

The meme Cryptocurrency named after Elon Musk, the CEO of Tesla, and SpaceX, has risen in value, with a whopping 3,780% in October.

Dogelon Mars (ELON) reached $0.00000233 on 30th October—its highest level since May 13—after opening the month at $0.00000005 (data from Poloniex).

The massive upside move boosted Dogelon Mars' market cap from around $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest Cryptocurrency in the world by market capitalization.

ELON’s major portion of October gains came from its performance on Oct. 29 and 30. The token rallied by more than 200% alongside a listing on OKEx and Crypto.com on Oct. 29.

In the mid of ongoing retail mania across Dogecoin-like meme Cryptocurrency, ELON is experiencing impressive gains.Also, the Dogecoin-inspired joke cryptocurrency, Shiba Inu (SHIB), increased exponentially by 850% in October to attain a market cap of around $38.50 billion and even surpassing Dogecoin itself.

Likewise, Samoyedcoin (SAMO) rose around 2,925% to reach a market valuation of around $458 million. Meanwhile, Hoge Finnace’s (HOGE) rallied by 2,923% in October to become a $458 million asset in comparison to $15 million at the beginning of this month.

While speaking to the Wall Street Journal, Eric Wall, the chief investment officer of cryptocurrency investment firm Arcane Assets, said, “Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally.” Adding further, he said, “it’s a casino, and it’s more fun than a roulette table.”

Besides, the Dogelon Mars price corrected by almost 30% after topping out for the year at $0.00000233. During which, it formed a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

In general where Bull Flags appear as the price consolidates lower after a strong move upside, known as Flagpole. Traders tend to anticipate the price to break above the Flag's upper trendline and rise by as much as the Flagpole's height afterward.