As most coins belonging to the meme-coin market were trading in red on Thursday, Dogelon Mars chose to take the road less traveled by, and maybe, that’s what has made all the difference.
As the big names from this genre, including Dogecoin and Shiba Inu, registered 5%-6% losses, Dogelon quite comfortably had appreciated by 10% over the past day. In effect, the market capitalization of this coin reflected a risen value as high as $506 million at the time of press.
The triggering determinants
Given the state of the broader market, Dogelon’s pump at this point in time is quite unconventional. The coin has, however, exhibited similar decoupled behavior patterns in the recent past, and looks like the trend is solidifying this time around too.
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As per Santiment’s explore screener, ELON has witnessed a volume anomaly over the past day. Interestingly, it was ranked first, ahead of other large-cap coins like Polygon, Uniswap, and Chainlink, for it witnessed a 123% rise in the said metric over the past day.
Additionally, the coin’s Daily Active Addresses too have witnessed a day-on-day uptick of 23%. Again, it managed to stand out when compared to the likes of the aforesaid coins.
To add to the Dogelon glossy prospects, the average HODLer balance has also started inclining. On 22 January, an average investor possessed $5704 worth ELON. However now, the number has advanced to $6843.
Further, as highlighted in an article yesterday, things on Dogelon’s price chart look quite encouraging. Most of the indicators there too portrayed bullish breakouts and supported the narrative of a 29%-45% hike.
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So, if the above-discussed factors continue to play out in Dogelon’s favor and buyers continue making their presence felt, this coin would be able to attain the aforesaid targets with ease.