With the rise of meme coins, there is another one to add to your arsenal: Dogelon Mars (ELON). Truly for big fans of Elon Musk.
This coin was created as a universal currency, but what makes Dogelon Mars unique is that it will hopefully also be the first interplanetary currency used when we colonize Mars.
The company has since started to build a large Dogelon Mars community of passionate members.
Throughout this article, we will explain everything you need to know about this meme-coin.
How Dogelon Mars Works
The Ethereum blockchain is considered one of the world’s most popular and widely used blockchains. For this reason, we understand why the developers of Dogelon Mars decided to use Ethereum.
They also took the first 50% of Dogelon Mars’s coins and gave them to the creator of Ethereum, Vitalik Buterin, while the rest of the tokens are on Uniswap.
Since its release, Dogelon Mars has seen a significant increase in demand, despite the fact that its functionality is identical to that of any ERC-20 meme token. According to CoinMarketCap’s list of the top meme coins, as a result of their tremendous growth, they are now ranked just behind more well-known names such as DOGE and SHIB coins.
According to the findings of the researchers, it is an outstanding achievement for Dogelon Mars because it is likely that ELON will follow suit if DOGE and SHIB experience a significant increase in value.
The developers made the decision to tokenize ELON. When Elon Musk tweets about cryptocurrency, the entire crypto ecosystem immediately pays attention to what he has to say. This should not come as a surprise; it’s a result of the influence that he possesses over the market.
It was a brilliant idea to have the ticket symbol as ELON, which can only help the project’s expansion further.
What Is Dogelon Mars Used For?
As is the case with all other meme coins, its primary function is that of a digital currency that can either be held as an investment or exchanged for other cryptocurrencies. You will be able to pay for goods and services with meme coins once businesses begin accepting them as a valid form of payment.
It is also important to note that the team working on the project has not yet published the whitepaper or any kind of roadmap detailing how they intend to achieve the status of intergalactic currency. At this point, the website primarily consists of a comic series in which Elon Musk is portrayed as a humanoid Shiba Inu.
The passage of time is the only factor that can reveal whether or not the plans to achieve the status of intergalactic currency will be realized!
Where To Buy Dogelon Mars
Before you decide to buy any cryptocurrency, you have to do sufficient research. So for those individuals who want to buy Dogelon Mars coins, there are various options.
First, you need to have enough fiat currency for the number of coins you want. Then, register on a decentralized exchange mentioned below and connect your digital wallet.
The three major exchanges are:
- KuCoin (Unfortunately not available for U.S. residents)
You can also trade it on Uniswap; the only difference is that you can only trade using Ethereum.
Note: This is not financial advice. Everything in this article is for educational purposes only.
About Dogelon Mars
How long has Dogelon Mars existed?
It was initially made available to the public on April 23rd, 2021. But, you won’t have any luck finding any information about the company’s founder, which is unfortunate. In addition to this, there is no whitepaper available, and in terms of utility, there is nothing that differentiates it from other crypto tokens.
However, that is not all; the developers have implemented a couple of changes, which together make the token system somewhat more distinctive. They did not hold a presale and did not keep any tokens for themselves in order to produce a currency that was acceptable.
After donating fifty percent of the initial tokens to Ethereum’s creator, Vitalik Buterin then gave forty-three percent of his ELON tokens to the Methuselah Foundation, a charitable organization whose primary mission is to increase the average lifespan of humans.
In May of 2021, the Methuselah Foundation released a statement saying that they will not sell any of the tokens for at least a year and that they plan to help increase the value over the long term.
They deposited the remaining fifty percent of the coins into a liquidity pool that was hosted on Uniswap. They contributed the coins and 40 ETH to the pool.
Following the completion of the transaction in which they received the tokens from the liquidity provider, they destroyed those tokens.
The team did not want to engage in a rug pull, which is essentially a method for developers to increase the token’s price by withdrawing as many tokens as they can and then leaving the project, leaving users with nothing in the process.
They are able to circumvent this problem and show their commitment to the token because they do not have the ability to withdraw tokens or collect any of the liquidity awards offered by Uniswap.
What’s controversial about Dogelon Mars?
There will always be some sort of skepticism around any new coin, especially a meme coin, and the token will, more often than not, be accused of being a scam.
We want to tell you with peace of mind that there is no indication of Dogelon Mars being a scam. The Dogelon Mars developers may be anonymous, but this is also still the case for the most popular cryptocurrency, Bitcoin.
So far, they have shown credibility with their community and over 110,000 wallets.
With the success that they have achieved up to today, the Dogelon Mars team has dedicated itself to a project that aims to undo the damage done by crypto scams.
The Dogelon community is encouraged to help the victims of scams by donating a portion of their ELON tokens.
How many Dogelon Mars Tokens are there?
The maximum supply of ELON tokens is capped at 1,000,000,000,000,000, with a circulating supply of 554,789,564,765,573.
Can Dogelon Mars be mined?
Since Dogelon Mars is a proof-of-stake coin, it can’t be mined. However, there is a program called unMineable which you can use to mine your Dogelon Mars tokens.
It mines the token for you using your computer’s GPU or CPU power. Once your Dogelon Mars has been mined, it will send the token to your preferred wallet of choice.
What is the market cap of Dogelon Mars?
The total market cap of Dogelon Mars stands at $414 million. It is currently ranked #152 on CoinMarketCap.
Biggest Competition Of Dogelon Mars
Meme coins bring a somewhat lighter side to the cryptocurrency space, but if they don’t add any value to the user’s life, people will continue to see them as a joke.
Dogelon Mars is gaining more and more traction within its community, but other than the fact that it is an interplanetary currency, it does not yet have any other distinguishing characteristics. In the end, it is not all that different from any other meme coin currently available.
In terms of the competition, it is safe to say that DOGE and SHIB are probably the two most significant rivals right at this moment.
What Are The Future Plans Of Dogelon Mars (ELON)?
Firstly, we want to start with the exciting plans of turning the Dogelon Mars comic book series into an NFT.
The developers of Dogelon Mars have also announced that soon you will be able to stake your ELON tokens, which will earn you a new token by the name of xELON. The Dogelon Mars community continues to grow exponentially as the project garners attention – more users in the crypto space are adding ELON to their crypto wallet on a daily basis.
This token is being created as a multifunctional token in connection with the new incentives planned for the Dogelon Mars DeFi ecosystem.
It’s still unclear whether the new token will be used for governance of the network or just as a currency.
Pros and Cons Of Dogelon Mars (ELON)
- The company is fully decentralized and has a robust ecosystem with passionate community members behind them.
- Dogelon Mars is climbing the ranks on CoinMarketCap, which is a good sign for investors as its popularity grows.
- With the soon-to-be-released NFT and token, the Dogelon Mars ecosystem will have more opportunities for new use cases to grow the company.
- Many of the new upgrades are still under research and development.
- The ELON token is still a meme coin, and what we’ve seen with meme coins over the years is they rise and fall nearly at the same rate.
- The company is still relatively new, and with that comes trial and error. New developments can be a blessing or a curse; it’s best to keep an eye out for what crypto experts and the company say as time passes.