Dogelon Mars needs no introduction, but it does need an introduction. Despite being one of the top performers of 2021, the memecoin keeps its value from nothing. The Dogecoin-inspired token may be in high demand right now.
Yet its utility is just as good as any other cryptocurrency.
Dogelon Mars will not take off
When a coin happens to be valued at $0.0000008264, no one really cares. But because the name of this meme token is associated with two of the most prominent crypto personalities, people are noticing.
Named after Dogecoin and Elon Musk, the coin rose 4.276% within a month in October 2021.
Since then, however, it has fallen by 64.15%. But yesterday’s gains put the currency back in investor observation. ELON rose 11.7%, closing right on the 200-day Simple Moving Average (SMA).
The meme coin had already lost 50 and 100 days of SMA in January and was testing the 200-day SMA as support. Another lock above it would allow the altcoin to recover quickly.
This is very important if Dogelon Mars plans to bring investors back to the network. The ELON holder’s activity is usually highest when the coin is trending. Like Shiba Inu holders, it declines in periods of bearish movement and revives when the meme coin rises.
As a result, there are currently on average only 486 of the 131,000 investors who hold ELON.
Less active investors lead to less activity in the chain, leading to a lack of asset flow. Over the past two months, the number of on-chain transactions has fallen by 658 from 3.6k. And as a result, 24-hour transaction volume also dropped to $3 million at an average of $90 million.
Even the whales that occupy 75% of the 1,000,000,000,000,000 (1 Quadrillion) supply of Dogelon Mars are silent. Transaction volumes haven’t crossed the $4 million mark for weeks.
So while the memecoin looks attractive, it is just another shiny object that is not gold and probably never will be.
This post This Dogecoin spin-off once rose 4.276%, but continues to surprise
was published first on https://ambcrypto.com/this-dogecoin-spinoff-token-that-rallied-by-4276-still-continues-to-surprise/