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