What Is Dogelon Mars (ELON) And How Does It Work? | KuCoin Crypto Gem Observer

2021/11/12 03:28:05

2021 has been a big year for the cryptocurrency market. Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIBA) have made investors millionaires overnight. At the same time, well-known currencies such as Ethereum (ETH) and Bitcoin (BTC) have risen to new all-time highs. With all this hype, many new investors have accepted cryptocurrency as a legitimate means of transaction. Now a new meme coin has gained attention overnight.

Dogelon Mars is a cryptocurrency based on Elon Musk, who’s become somewhat of a meme himself within the crypto community. Though the token hasn’t got the same use as many stablecoins, its founder has pledged to send tokens over to victims of rug pulls and crypto scams. In October alone, the tokens’ value increased by 3,780%, surging due to a wave of social media hype.

What is Dogelon Mars?

Dogelon Mars is a new meme coin designed to become an “intergalactic currency”. However, its long-term plans have not yet been established. At the moment, it has very few uses though its founder has stated that ELON will be sent to investors who have become victims of a rug pull or crypto scam. To do this, community members need to report that they’ve been scammed. The community themselves will then determine whether or not they have been and how much they should be reimbursed.

The rise in the cryptocurrencies value can be linked to the community of investors that support it. The investors are part of a huge Telegram and Twitter group, with over 250,000 members. The community continues to grow daily and offers support for those who have been scammed.

The one question that’s been highlighted by many investors is whether or not ELON is a fork of Dogecoin. On its site, the development team has claimed the token is a fork, though there’s little evidence to support this. Not only does it have a greater supply than DOGE, but it also operates completely differently.

How does Dogelon Mars work?

Dogelon Mars is built on the Ethereum blockchain. It uses the ERC-20 token standard, which provides it with security from the Ethereum blockchain, but also allows it to create unique features within the token itself.

One of the striking features of this token is its tokenomics. At launch, 50% of its supply was gifted to the founder of Ethereum, Vitalik Buterin. A similar strategy was used by Shiba Inu. Buterin later donated this gift to a COVID-19 relief charity in India. The remaining 50% of the supply was locked into the Uniswap liquidity pool.

Despite its popularity, the token itself currently has very little use; however, it’s extremely popular amongst traders. On the 10th of November, it had a trading volume of $125,295,707.21 and was ranked 109th in terms of overall market cap.

Who created Dogelon Mars?

The founder of Dogelon Mars is anonymous, though claims they’re called Elon. Due to their anonymity, nobody can confirm whether or not this is true. However, the likelihood of the founder being the real Elon Musk is extremely unlikely given the fact his time is taken up with SpaceX and Tesla.

What is the Dogelon Mars token and what is it used for?

The Dogelon Mars token is ELON. Created as a meme coin, it’s gained significant popularity since it was founded, increasing in value by 3,780% in October alone. Despite its popularity, the token itself has little to no use, simply being branded as an “intergalactic currency”.

It cannot be used to pay for tangible goods (unlike tokens such as ETH and BTC); however, it is widely available on many trading platforms. As of November 2021, the token can be traded on KuCoin, Uniswap (V2), Gate.io, Poloniex, LBank, Uniswap (V3), ShibaSwap, BitForex, BitMart, Hotbit, Bitrue, 1inch Exchange, ZT and BKEX. Once the token has been traded, it can be stored in hope that the price will continue to rise in value.

Closing Thoughts

The key driver behind ELON is the community support for the token. Despite not having any real use, the community behind it continues to grow, creating memes, blowing up their social media, and supporting victims of scams in the process. This is the key drawing factor behind the currency.

However, having only been in the market since May 2021, it’s hard to determine whether or not the token will be a success. After a significant rise in October, its value has fluctuated dramatically, making it somewhat unstable for investors making their first investment. Given the fact that there are no real features to back up the price, it’s likely that the token will depreciate without additional add-ons. For the time being, it remains an interesting new meme coin and continues to build a community that few cryptocurrencies have been able to develop.