Summary:
- Dogelon Mars is a meme coin project that is positioning itself as an interplanetary currency of the future.
- It was inspired by Dogecoin and Elon Musk, a vocal supporter of cryptocurrencies as well as space exploration.
- It has been listed as the third most valuable meme coin by CoinMarketCap.
Just as the stock market has meme stocks (read: GameStop and recently AMC and Bed Bath & Beyond), the crypto market has meme coins. Both get their popularity not from actual firm performance but from hype fuelled by a cult-like follower base.
One of the most popular meme coins currently is Dogelon Mars. Its token is ELON, which has a value of $0.0000003 with a circulating supply of 549 trillion coins. Its entire market capitalization is valued at $149 million.
What Is Dogelon Mars Coin?
Dogelon Mars is a meme coin that was first launched on Ethereum (ETH) in April 2021, before it moved to Polygon. Like other meme coins, this one is heavily community-driven. In fact, the coin has become famous for its support of victims of crypto scams like rug pulls – Dogelon Mars holders have been donating tokens via airdrops to crypto scam victims. This has earned Dogelon Mars significant respect among the crypto community, even as critics lambast it as “just another meme coin.”
Whether in seriousness or satire (who can tell with meme coins?), Dogelon Mars seems to have aligned itself with its famous namesake’s mission to colonize Mars, and has announced plans to become an interplanetary currency to be used in making intergalactic transactions.
After all, this is what is depicted about its mascot on its website – “Follow the story of Dogelon Mars as he explores the greatest mysteries of the galaxy and seeks to recolonize the planet he once called home with the help of the friends he’s made during his travels through the stars.”
The Dogelon Mars coin (ELON) is the token of the Dogelon Mars network.
Is Dogelon Mars a Meme Coin?
If by meme coin we are referring to a cryptocurrency that thrives on fanatical hype and serves no other purpose other than to troll, pay homage to, or to make a joke out of an idea (like how Dogecoin was created to mock payment systems like Bitcoin), then Dogelon Mars might well be a meme coin many times over.
As one can probably tell from its name, the coin was inspired by Dogecoin as well as its big-time supporter, Elon Musk. And if you know anything about meme coins, you’ll know that popularity is a big deciding factor in their market performance.
Who created Dogelon Mars coin?
The founders of the Dogelon Mars project have remained anonymous to this day. Dogelon Mars follows a similar coding script used by Bitcoin. Although there are claims that the CEO of the project is a person by the name of “Elon”, there has not been any verified proof to back up the claim.
When did Dogelon Mars start?
Dogelon Mars was launched on April 23, 2021. However, it isn’t possible to know when the project was actually started as there is little information on the project’s origins on its website.
How many Dogelon Mars coins are there?
Dogelon Mars was launched with 1 quadrillion ELON tokens. 50% was given to founder of Ethereum, Vitalik Buterin in what was a successful publicity stunt copied from Shiba Inu (SHIB). The publicity stunt was aimed at giving confidence to holders and regular people that the project is legitimate – and it worked.
Buterin then gave 43% of the tokens he received to the Methuselah Foundation, a non-profit organization that aims to increase human lifespan. The Foundation then announced that it would not be selling any tokens for at least a year.
The second half of the overall coin supply was put in a liquidity pool on Uniswap, a decentralized crypto exchange. The team also deposited 40 ETH (worth $100 thousand at the time) into the liquidity pool. They received tokens in return for being liquidity providers for Uniswap.
In a bid to boost investor confidence, the team also burnt all the liquidity provider tokens they were given. This prevented them from being able to withdraw the tokens deposited with Uniswap. It also stopped them from being able to collect any rewards that would accrue over time.
You might be wondering – how does burning liquidity provider tokens give investors more confidence?
Well, it shows that the people behind Dogelon Mars aren’t looking to pull off a rug pull on investors. Rug pulls are scams that involve hyping a crypto project to increase its value. Once the value has gone up significantly, the project team then sells off everything. The massive sell-off then causes the price to crash, and possibly making the project worthless. By burning their liquidity provider tokens, the Dogelon Mars team tries to show that they are in it for the long haul, since they would be unable to withdraw any money from the project.
Who owns Dogelon Mars coin?
As for who controls the majority of Dogelon Mars, the Methuselah foundation holds 43% of the entire supply while the remaining are sold through crypto exchanges. There have been stories that Dogelon Mars belongs to Elon Musk. While the stories have positively affected its value, they are certainly not true.
ELON Price Analysis
Dogelon Mars was launched with a lot of hype around the coin. Within a few weeks, it was listed on several exchanges. Within a few months, it reached its all-time high of $0.000032 on 31 July 2021. Since then, the price has continually dipped. It has been affected by several market crashes including two market crashes in 2022. The current price of Dogelon Mars is $0.00000032. It has a market capitalization of $194 million and a circulating supply of 549 trillion coins.
Will Dogelon Mars reach 1 cent?
The 1-cent mark is a huge milestone for many meme coins, one that Dogelon Mars is hoping to hit. However, there is significant doubt about Dogelon Mars reaching that price. Many point to its present market capitalization as well as its maximum coin supply. Many believe that with a total supply of 1 quadrillion tokens, it will take a very long time for the token to reach 1 cent. Some have suggested reducing the coin’s supply through a burn to help it reach 1 cent faster.
Will Dogelon Mars burn coins?
Many community members are eager for a Dogelon Mars burn as it will increase the meme coin’s price through scarcity. A petition was even started on Change.org calling the Methuselah Foundation to burn some of its coin supply.
Whether the Methuselah Foundation will agree to a Dogelon Mars burn remains unknown. However, the foundation might not be on the same page with those calling for a token burn.
“Because our mission to extend the healthy human lifespan requires a long-term view, Methuselah Foundation focuses on lasting achievements, not short-term rewards.” Similarly, we will adopt a nurturing approach with our Dogelon Mars holdings,” ccording to the foundation’s CEO David Gobel.
Is Dogelon Mars a good investment? A balanced view
Investing in cryptocurrencies is generally risky. The risk is even higher when investing in meme coins, which mainly rely on hype (and a feverishly enthusiastic fan base) for any market action. This causes their value to skyrocket quickly – and crash just as quickly. Unlike other crypto projects, meme coins have no specific use cases. They are only used for trading, and their price is determined by irrationale hype.
If you are considering investing in meme coins, here’s another one to consider: Baby Doge Coin – How Much Bite Does This Latest Meme Coin Have?
Is Dogelon Mars worth buying?
Dogelon Mars bears the hallmarks of a successful meme coin – a huge community following and distinctive branding. A fantasy comic illustrates the project’s “roadmap” in a story, claiming that Mars will be recolonized in 2420 by Dogelon Mars. By that time, the project’s plans and goals will be revealed. It also encourages coin holders to continue pushing for ELON token listings on crypto exchanges, periodically cheering on Dogelon Mars coin holders to remain steadfast when faced with market volatility.
What is worth noting that CoinMarketCap ranks Dogelon Mars as the third most valuable meme coin after Dogecoin and Shiba Inu.
Future Development
Dogelon Mars recently announced plans to integrate staking into its network, as a part of the plan to add DeFi services to achieve financial “intergalactic colonization.” Under this plan, ELON coin holders would stake their tokens and receive a new token called xELON. xELON would serve as a governance token for decision-making, and as an incentive reward token for stakers. The project team has also announced plans to launch an NFT collection on OpenSea and Rarible, to be named the “Dogelon Martian” NFT collection.
