Dogelon Mars remains bearish after listing on 4 exchanges; Is this a buying opportunity?

Vinod Dsouza
Dogelon Mars ELON bearish
Source: Pixabay

Dogelon Mars (ELON) got listed recently on four different trading platforms in less than a month’s time. In December 2021, ELON was listed on Huobi Global and Gemini. The meme-token also got listed on the Cronos Network via during New Year’s eve. Coming this month, CoinEx listed Dogelon Mars with a USDT pairing. Deposits and withdrawals for ELON on CoinEx are now fully functional for their users.

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Despite getting onboard at four different exchanges, Dogelon Mars has slipped in the indices and is struggling to shoot up. The meme-token mostly traded in red this month with only a few glimpses of green. Its last major spike was on December 24, 2021, as it rose +37% in a day’s time. The spike came when Huobi Global and Gemini got ELON onboard and the influx of investors jumped on the bandwagon.

The same spike did not repeat after CoinEx Global listed ELON and has mostly remained in the red. Another reason for its mediocre performance could be that the whales have not invested in the meme token lately. Whale dominance in Dogelon Mars has drastically reduced this year and seems to have dried up. Therefore, ELON is not getting the much-needed boost in price and is struggling to climb up.

At present, Dogelon Mars has around 126,500 holders and the numbers are not swelling up either. Its counterpart, Shiba Inu and BabyDoge Coin is adding a record number of holders each day and making the token buzz. For ELON to spike in numbers again, the meme-token needs to attract new investors to slowly pump up the numbers.

Is the Dip An Opportunity to Buy Dogelon Mars?

Meme-tokens are now a highly competitive lot and ELON needs to stand apart from the crowd to receive investment flows. Until that happens, it might remain trading sideways. ELON has not displayed bullish sentiments this year and also the overall market condition hangs at a balance.

Bitcoin is dipping regularly this year and dragging the market down making other tokens reach new weekly lows. Coming back to ELON, it is advised to wait and watch for further dips and then decide to take an entry position.

At the time of publishing, ELON was trading at $0.00000120 and is up +1.0% in the day’s trade. It had reached an all-time high of $0.00000259 in October 2021 but is now down -53% from its ATH.