A so-chosen meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk is rise in value, namely past a whopping three,780% in October.

Dubbed Dogelon Mars (ELON), the cryptocurrency reached $0.00000233 Saturday — its highest level since May thirteen — later opening the month at $0.00000005 (data from Poloniex).

The massive upside motion pushed Dogelon Mars' market capitalization from effectually $26 meg on Oct. ane to as high as $1.19 billion on Oct. 30, thus making ELON the 92nd-largest cryptocurrency in the world past marketplace cap.

ELON/USDT daily toll chart featuring its all-fourth dimension high. Source: TradingView

What launched ELON price to the moon?

A major portion of ELON'south October gains came from its functioning on Oct. 29 and 30, when the token rallied by more than than 200% aslope a listing on OKEx and Crypto.com on Oct. 29.

ELON's impressive gains come up amid an ongoing retail mania across Dogecoin-like memecoins.

Most notable is Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency that rose by more than than 850% in October to attain a market cap of effectually $38.50 billion and even surpassing Dogecoin (DOGE) itself.

Top meme cryptocurrencies by marketplace cap. Source: CoinMarketCap

Similarly, Samoyedcoin (SAMO) surged past effectually 2,925% to reach a market valuation of around $458 million. Hoge Finance's (HOGE) rallied by ii,923% in October to become a $458-million asset in comparison to $15 million at the beginning of this calendar month.

"Whenever one of these coins starts to pump a petty bit, anybody starts to think this could be the next nonsensical rally," Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Avails, told the Wall Street Journal.

"It's a casino, and it's more than fun than a roulette table."

Bull flag in play

Dogelon Mars' price corrected by almost 30% afterward topping out for the yr at $0.00000233. In doing so, it formed a parallel descending channel that appeared similar a balderdash flag, a bullish continuation indicator.

ELON/USDT hourly cost chart featuring bull flag. Source: TradingView

Bull flags appear equally the toll consolidates lower after a strong move upside, known as a flagpole. Typically, traders anticipate the price to break above the flag's upper trendline and rise by as much equally the flagpole's height afterward.

The flagpole's summit in ELON's example is around $0.00000102.

Related: Bitcoin hodling rate reaches ix-month high, boosting hopes of 'bull flag' rally to $70K

Conversely, if the cost breaks below the flag's lower trendline, accompanied by strong volumes, then it risks invalidating the entire bullish setup. Should it happen, ELON may fall toward its l-hour exponential moving average (the velvet wave) effectually $0.00000140.

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