Elon Musk-Inspired Dogelon Mars Jumps 24%, Here’s Why

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Tomi­wabold Olajide

Elon Musk-named meme coin has been on qui­et run since Twit­ter acquisition

Dogelon Mars (ELON), a coin based on Elon Musk and his love for space trav­el, rose near­ly 100% from Nov. 9 lows of $0.0000002 to Nov. 10 highs of $0.0000004. As of press time, ELON had retreat­ed slight­ly and was trad­ing up 20% at $0.00000034, accord­ing to Coin­Mar­ket­Cap data.

The rea­son for the price gain remains unknown, as there was no relat­ed news or devel­op­ment in the last 24 hours, leav­ing us with only tech­ni­cal analysis.

Due to the mar­ket crash in the ear­li­er part of the week, ELON fell to touch lows of $0.0000002, the sup­port that had been in place since mid-Sep­tem­ber. The dai­ly RSI also reached a crit­i­cal sup­port lev­el, lead­ing to a sharp rebound.

These may be potential causes

On the pri­or day, news sur­faced of Tes­la CEO Elon Musk’s gath­er­ing on Spaces, Twit­ter’s live audio fea­ture, where he dis­cussed his vision for Twit­ter to process payments.

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Accord­ing to a Fin­CEN fil­ing, the social media giant had also gone ahead with its reg­is­tra­tion paper­work to clear the way for it to receive pay­ments. Musk’s tweet from last week, fea­tur­ing a pho­to of a Shi­ba Inu dog wear­ing a Twit­ter T‑shirt, has fueled spec­u­la­tion that he may per­mit pay­ments using dog coins.

Like­wise, the gen­er­al cryp­to mar­ket rebound­ed after the CPI report for Octo­ber sug­gest­ed that U.S. infla­tion may final­ly be begin­ning to slow down. These fac­tors might have part­ly con­tributed to the rise in Dogelon Mars prices.

The Elon Musk-named meme coin has been on a qui­et run since the Twit­ter acqui­si­tion. On Oct. 29, ELON saw its biggest spike in a month, fueled by the Twit­ter acqui­si­tion news, gain­ing over 100% in a sin­gle day.

With a mar­ket cap­i­tal­iza­tion of $187 mil­lion, Doge­coin Mars ranks as the third largest dog-themed cryp­tocur­ren­cy. Although named after the cen­tibil­lion­aire, Musk has not direct­ly acknowl­edged the dog coin.

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