Tiger King, Banano, Pepe Cash, Wownero. Without context, these terms sound like made-up words but they are actually meme coins. Meme coins represented a market cap of $71.5 billion, with a 24-hour trading volume of $7.8 billion. These were serious numbers for tokens considered as a joke by the vast majority of crypto investors. Dogecoin and Shiba Inu are well-recognized assets among the top 15th. However, Dogelon Mars made its presence known on October 30th. The coin registered a growth of 360%, reaching $0.000002670 from $0.000000482.
In this article, we will try to evaluate if $ELON has the same potential as its former compatriots in DOGE and SHIBA.
Doge Elon Mars; Strong Fundamentals and Market Sentiments
According to Santiment, ELON registered rising active addresses over the past week. Active Addresses is a positive sign of transactional activity and addresses were minimal during Q3 but it is currently on a steep incline. However, community involvement is more important for meme coins and it possessed an edge in that sector as well.
As illustrated by the chart above, ELON had a social dominance of 15.58%. It means 15% of the total market mentions was related to ELON. Note, Social dominance comprises more than 50+ crypto projects.
Meme token’s market strength is highly dependent on community sentiment. Hence, positive development allows for better market performance. Recently, Polygon announced it would be listing Dogelon Mars, and QuickSwap DEX also added ELON for Liquidity Provider mining. Additionally, another strong advantage for Dogelon Mars is its listing on Kucoin. Kucoin is currently the 4th largest spot exchange with over 14.5 million visits per day. In comparison, Coinbase had 15.8 million visits.
A new all-time high?
Meme tokens are difficult to predict as their rallies are extremely incoherent to the rest of the market. However, considering ELON is able to find support at $0.000001538, it should re-test its previous ATH value. Once $0.000002500 is breached, ELON will have a clear path all the way to $0.000005. Regardless, it is important to note that meme tokens are extremely volatile, and capital loss is a strong possibility. As always, Do Your Own Research.