Tag: Elon

Shib Inu and Dogecoin Competitor Explodes 50% in Just One Week As Bitcoin Breaks $51,000

by Dailyhodl

A Shiba Inu (SHIB) and Dogecoin (DOGE) competitor has skyrocketed in value this week as Bitcoin and numerous other crypto projects have seen significant price increases.

The meme coin Dogelon Mars (ELON) has surged by nearly 50% in the past seven days and is trading at $0.000002 at time of writing. The 126th-ranked crypto asset by market cap appears to be derived from Elon Musk’s ambitions to bring humans to Mars.

When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.

ELON is also now the most traded token among the top 1000 ETH whales, according to the crypto tracker WhaleStats.

Last month, ELON’s price increased over 100% in response to a project update from the Dogelon Mars team regarding their next development stage, bringing decentralized finance (DeFi) and staking capabilities to the platform.

Other meme coins have also seen price increases this week: DOGE has surged by more than 11% in the past seven days and is trading at $0.187373 at time of writing.

SHIB is up more than 9% this week and is trading at $0.000037 at time of writing.

Bitcoin is trading at $51,045.67 at time of writing and is up more than 10% in the past seven days.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum Whales Loading Up on 10 Altcoins, Including New Shiba Inu and Dogecoin Challenger

by Dailyhodl

New on-chain data shows Ethereum whales are accumulating 10 altcoins, including an emerging competitor to Shiba Inu (SHIB) and Dogecoin (DOGE).

The Ethereum whale wallet tracker WhaleStats has compiled a list of the top 10 altcoins purchased by the 1,000 largest Ethereum wallets in the last 24 hours.

The numbers show the whales are first and foremost stockpiling ETH itself, the native crypto asset of the Ethereum blockchain.

After that, the whales are accumulating a trio of stablecoins – namely USD Coin (USDC), Tether (USDT) and Binance USD (BUSD).

Next up, the whales are accumulating the metaverse altcoin Decentraland (MANA), the Bitcoin-pegged asset Wrapped Bitcoin (WBTC) and Crypto.com’s native exchange token CRO.

Next on the list is the native token of the automated market maker Curve (CRV) and the gaming altcoin The Sandbox (SAND).

Although Ethereum whales have purchased large amounts of Shiba Inu (SHIB) in recent weeks and months, the whales are now turning their attention to the new dog-themed competitor Dogelon Mars (ELON).

ELON holds the number 10 slot on the list of the most purchased Ethereum-based altcoins in the last 24-hours.

The project is a dog-themed meme coin inspired by Dogecoin and Shiba Inu as well as Elon Musk’s ambitions to bring humans to Mars.

Source: WhaleStats

ELON cracked the $1,000,000,000 market cap barrier early this month.

It is now the 149th largest crypto asset, with a market cap of $826,955,756 and a price of $0.000002 per token at time of publishing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Dogecoin and Shiba Inu Competitor Explodes 119% in Just Seven Days, Nears $1,000,000,000 Market Cap

by Dailyhodl

An altcoin competing against Dogecoin (DOGE) and Shiba Inu (SHIB) just skyrocketed 119% in one week as meme token mania rages through the crypto space.

The project Dogelon Mars (ELON) is a meme coin inspired by Dogecoin and appears to be derived from Elon Musk’s ambitions to bring humans to Mars.

When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.

Yesterday, a project update from the Dogelon Mars team shared that the next stage of development will bring decentralized finance (DeFi) and staking capabilities to ELON.

“Dogelon Mars is venturing into the next phase of development, building DeFi and staking opportunities with a new contract. At this very moment, construction is underway as the community leaders introduce DeFi and a new token to the ecosystem.”

Along with the staking upgrade, the team is introducing the xELON governance token, which will be used for voting on initiatives, coordinating on protocol decision making, distributing grants from the treasury and more. xELON will be able to be acquired by participating in the ELON staking program.

After news broke that ELON would be listed on OKEx and Crypto.com, tied with the recent staking announcement, ELON erupted 119%, bringing the market cap from $426 million to $939 million, according to CoinGecko.

ELON is currently exchanging hands at $0.0000017, up 5.8% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Elon Musk-named meme token ‘Dogelon Mars’ gains nearly 4000% in October

by Cointelegraph

A so-called meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk is rising in value, namely by a whopping 3,780% in October.

Dubbed Dogelon Mars (ELON), the cryptocurrency reached $0.00000233 Saturday—its highest level since May 13—after opening the month at $0.00000005 (data from Poloniex).

The massive upside move pushed Dogelon Mars’ market cap from around $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest cryptocurrency in the world by market capitalization.

ELON/USDT daily price chart featuring its all-time high. Source: TradingView

What launched ELON price to the moon?

A major portion of ELON’s October gains came from its performance on Oct. 29 and 30, when the token rallied by more than 200% alongside a listing on OKEx and Crypto.com on Oct. 29.

ELON’s impressive gains come amid an ongoing retail mania across Dogecoin-like meme cryptocurrencies.

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

Top meme cryptocurrencies by market cap. Source: CoinMarketCap

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

“Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally,” Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Assets, told the Wall Street Journal.

“It’s a casino, and it’s more fun than a roulette table.”

Bull Flag in play

The Dogelon Mars price corrected by almost 30% after topping out for the year at $0.00000233. In doing so, it formed a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

ELON/USDT hourly price chart featuring Bull Flag. Source: TradingView

Bull Flags appear as the price consolidates lower after a strong move upside, known as Flagpole. Typically, traders anticipate the price to break above the Flag’s upper trendline and rise by as much as the Flagpole’s height afterward.

The Flagpole’s height in ELON’s case is around $0.00000102.

Related: Bitcoin hodling rate reaches 9-month high, boosting hopes of ‘bull flag’ rally to $70K

Conversely, if the price 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 towards its 50-hour exponential moving average (the velvet wave) around $0.00000140.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.