ELON Moons 70%, Breaks into top-100
The Dogelon Mars price is in the midst of a furious ‘Santa rally’, lifting the meme coin’s market cap close to $1 billion.
Dogelon Mars (ELON) is a meme-coin, of a meme-coin of a meme-coin ad infinitum. The dog-themed coin, which combines Dogecoin and Elon Musk, is, in my opinion, worthless, although not everyone feels the same way. Like Dogecoin and Shiba Inu, Dogelon’s main selling point is its strong community and the ‘to Mars’ rallying war-cry.
The MARS coin spent most of 2021 as a relative unknown valued below $40 million. The success of Shiba Inu spurred a wave of buying as investors looked for cheaper alternatives. Subsequently, Dogelon Mars surged over 4,000% in October, briefly hitting a $1.43billion market cap before dropping -60% in November. However, it seems like MARS may finish the year with a push towards the October highs.
Receive all our news via Telegram and Twitter.
ELON Price Analysis
The daily chart shows the Dogelon Mars price is experiencing a parabolic rally. As a result, MARS has broken out of a descending triangle pattern and cleared the 50 and 100-Day Moving Averages (DMA’s).
Typically I finish my articles with my view on the price. However, this piece concludes with a warning. The price may well continue higher near term, but in my opinion, at some stage, it could also fall back to zero. For that reason, my advice is to stay well clear of the MARS coin. There are many cryptocurrencies with solid fundamentals and promising use-cases. However, Dogelon is not one of them.
Dogelon Mars Price Chart (Daily)
For more market insights, follow Elliott on Twitter.