Dogelon Mars price is doing relatively well. ELON, its native token, is trading at $0.000002, bringing its total market capitalization to more than $989 million. According to CoinMarketCap, the meme coin is now the 95th biggest cryptocurrency in the world. CoinGecko places the ranking at about 112.
ELON bounces back
Meme coins have become relatively popular cryptocurrencies in the recent past. A quick look at crypto rankings shows that coins like Dogecoin and Shiba Inu are some of the biggest platforms in the world. The two have a combined market capitalization of more than $45 billion. This makes them bigger than many well-known companies like Southwest Airlines, Box, and Lazard.
Dogelon Mars is one of the fastest-growing meme coins in the world. The cryptocurrency was built using Ethereum’s network after being inspired by the success of Elon Musk and Dogecoin. Musk is the richest man in the world with a net worth of more than $290 billion. He has also become one of the top evangelists of Dogecoin.
The name Dogelon Mars and the ticker of Elon are all derived from Elon Musk and Dogecoin. Mars refers to the fact that Elon Musk’s company, Space X, is exploring trips to mars.
Still, from a fundamental perspective, there is a need to be cautious about Dogelon Mars. For one, unlike popular cryptocurrencies like Ethereum and Bitcoin, it has minimal utility value. However, the same can be said about other meme coins like Shiba Inu and Dogecoin.
Therefore, there is a likelihood that the coin will keep rising because of its popularity in social media platforms like Twitter and Reddit. Dogelon Mars’ Twitter account has more than 300k followers while its Telegram account has more than 85k followers.
Dogelon Mars forecast
The chart below shows that the Dogelon Mars price has been in a bullish trend in the past few weeks. And today, it surged to a high of 0.0000018 USDT, which was the highest level since November.
On the four-hour chart, the coin managed to move above the descending trendline that is shown in black. It also rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen to the overbought level of about 85.
Therefore, I suspect that the coin will have a break and retest pattern. This is where it moves and retests the descending trendline and then continues with the upward trend.
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