Dogelon Mars Found Temporary Respite Amidst the Crypto Chaos

Late last year, Dogecoin (DOGE) competitor Dogelon Mars (ELON) was on the move. News had hit the wires of 2 leading exchanges listing ELON on their platforms. The exchanges were Gemini and Huobi Global.

Dogelon Mars (ELON) and Investor Interest

Dogelon Mars is a dog-themed meme coin on Ethereum (ETH) and Polygon (MATIC), looking to harness the successes of Dogecoin and Shiba Inu Coin (SHIB) amongst others.

In October, ELON had struck an ATH 0.00000253 USDT before sliding back to a November low 0.00000094 USDT. News of ELON’s inclusion on the 2 leading exchanges drove ELON back to 0.0000018 USDT levels before the latest sell-off.

Weighed by crypto market sentiment towards FED monetary policy and global regulatory activity, ELON has fallen back to sub-0.0000010 USDT levels.

In the week ending 23^rd January, ELON ended the week down by 33.59% to 0.00000085 USDT. Of significance, however, was a recovery from a week and current month low 0.00000051 USDT.

With a 34.92% breakout on Sunday, ELON outperformed the broader market pointing to strong investor interest in the meme coin.

Touted to be an upgrade to Dogecoin, Dogecoin’s return to the top 10 cryptos by market cap should be another positive for ELON. Investor appetite for meme coins has yet to dissipate when considering that one sits on the CoinMarketCap top 10. At the time of writing, DOGE sat at #10, with a market cap of $18.3bn. By contrast, Dogelon Mars ranked a lowly #122, with a market cap of $448m.

Dogelon Mars had entered the CoinMarketCap top 100 late last year before last week’s sell-off. A move back into the top 100, however, would likely create renewed investor interest.

In the 4^th quarter of 2021, ELON surged by 2,500% in spite of the pullback from October’s ATH.

ELON Price Action

At the time of writing, ELON was down by 5.88% to 0.0000080 USDT. A move back through last week’s high 0.000000123 USDT would bring January’s current month high 0.00000170 USDT into play. From 0.0000017 USDT levels, Dogelon Mars would have a clear run at October’s ATH 0.00000253.

Currently sitting well below the 50-day and 100-day EMAs, however, a move through the 50-day EMA 0.00000124 USDT would be needed to support a run at January’s high. With the 50-day EMA sitting at last week’s high, however, we can expect plenty of resistance a 0.0000012 USDT levels.