Dogelon Mars (ELON), a meme coin based on the Dogecoin (DOGE) & Tesla CEO Elon Musk, is currently under development. The currency has seen massive price fluctuations in 2021 and some analysts say it has much more opportunity to climb in the coming years. How far could this cryptocurrency possibly go? Will the price surge all the way to Mars, as the moniker implies?
What Is Dogelon Mars?
Dogelon Mars is a blockchain-based project that makes use of the ERC-20 token protocol to operate on the Ethereum network. This implies that it leverages on the Ethereum blockchain for security, but it also has the ability to construct its own unique features that are only available inside the token.
One of these characteristics is the tokenomics of the system. Vitalik Buterin, the founder of Ethereum, was given a gift of 50% of the original supply of the cryptocurrency. The remaining 50% was deposited into the Uniswap liquidity provider as security. The token was first listed on the DEX on April 22, 2021, as part of an inaugural DEX sale (IDO).
The initiative aspires to build “intergalactic money,” however specific plans for all of this have not yet been revealed, according to a press release. Except for some somewhat vague intentions, the initiative is not doing anything in terms of actual usage.
A significant portion of the ELON price gain of 100,000% may be credited to the network of investors. The initiative makes use of social media platforms such as Twitter & Telegram to touch a potential audience of roughly 250,000 people and urge additional investors to participate. The coin’s community is very active and provides unwavering support for tokens.
The project claimed to be a branch of the Dogecoin cryptocurrency, although there is little evidence to back this assertion. It has a far larger maximum supply and functions in a completely different manner to DOGE.
The project’s creator, Elon Musk, also claimed to be the project’s founder, yet the founder remains nameless and no one can confirm this information. It’s possible that they’re aiming to attract additional investors by implying that Elon Musk was behind cryptocurrency. However, it is exceedingly doubtful that the real Elon Musk is involved in the project in any capacity.
Dogelon Mars’s Market Cap: $1 Billion
ELON’s market capitalization crossed $1 billion in October 2021 and is now valued at over $1.2 billion, placing it in the 100 top cryptocurrencies by market capitalization. It is presently selling at roughly $0.0000022, after having gained almost 4,000% in only one month in October.
A total of over 500 trillion coins are now in circulation, with a maximum quantity of 1 quadrillion tokens available.
Could Dogelon Mars Reach $0.01?
Many meme coins are aiming to outperform the odds and achieve the $0.01 price objective, which would make investors wealthy. However, in the instance of Dogelon Mars, this is highly improbable to occur. If the coin were to hit $0.01 just now, the market capitalization would be more than $5.5 trillion, according to CoinMarketCap. A market capitalization of $5.5 trillion is almost 5 times the mass of Bitcoin & nearly double the size of the whole cryptocurrency industry. As more coins enter circulation, this becomes more difficult to do.
Many billionaires would be created if ELON traded at $0.01, but this price objective is very hard to achieve. A price objective cannot be sustained because the maximum supply is just too high.
Dogelon Mars Purchase Instructions
Dogelon Mars is a very new project that is not yet listed on any centralized exchanges and so, is not yet available for purchase. Decentralized exchanges (DEX) including Uniswap and Gate.io, on the other hand, make it accessible to users.
In order to acquire ELON, the first step is to buy Ethereum using a cryptocurrency brokerage like Coinbase, eToro, or Gemini. Opening an account is as simple as providing an email address and password, as well as some personal information. Your account will be validated and financed by an ACH or transfer funds before you can make an Ethereum purchase.
From there, you may transfer it to a wallet, like MetaMask or Coinbase Wallet, for safekeeping. Your ETH will become ELON after you have connected this account to the DEX, which you may do at any time. Due to the high cost of reflection fees, you may be forced to reduce your slippage to 10%. Following the completion of the trade, your ELON will be saved in your wallet account.
Investing In Dogelon Mars: A Wise Decision?
Dogelon Mars will almost definitely devalue during the course of a long-term investment. There have been no indicators to justify its price, and the company’s future intentions are highly unclear. There are a plethora of alternative cryptocurrencies out there with usable features and more realistic goals.
However, the network of investors is quite powerful, and it is possible that the token may be pumped even more in the future. Dogelon Mars could be the right token for you if you are prepared to take a significant risk with your money. But expecting the token to hit $0.01 in the near future, is an almost difficult feat.