Elon Musk’s namesake memecoin Dogelon Mars (ELON) mimicked his SpaceX corporation in October by rocketing a massive 3,780 percent in value.
Much of the monthly gain in performance occurred at the back end on October 29 and 30, when the token rallied by more than 200 percent alongside its listing on OKEx and Crypto.com last Friday.
In what could be called the Year of the Dog for memecoins, Shiba Inu (SHIB) also shot up in October by more than 850 percent to hit a market cap of around US$38.5 billion, surpassing even Dogecoin, which has gained an astronomical 10,360 percent year-to-date.
The Dogs (All 45 of Them) Are Barking
Since the Dogecoin network launched on December 6, 2013, there are now no fewer than 45 meme-based crypto assets with dog-related nomenclature. Samoyedcoin (SAMO), for example, surged by around 2,925 percent to reach a market valuation of around US$458 million last month.
Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally. It’s a casino, and it’s more fun than a roulette table.Eric Wall, chief investment officer, Arcane Assets
Dogelon Mars is the fifth-largest meme-based crypto-asset, as rated by CoinGecko. Baby doge coin (BABYDOGE) ranks #7, and even it has spiked 560 percent in the last month.
ELON’s price corrected by almost 30 percent after topping out for the year at US$0.00000233, waving what looked a lot like a Bull Flag in the process.
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