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23 de jun de 2022

What Is Dogelon Mars? The Humanitarian ELON Coin

Several dog-themed meme coins have captured the attention of cryptocurrency traders and investors in the last two years. The meme trend in crypto started after Tesla owner Elon Musk publicly started tweeting about Dogecoin (DOGE). Since then, many Dogecoin-inspired meme crypto projects have appeared in the market. Dogelon Mars (ELON) is one such project, taking its motivation not just from the popularity of DOGE but Elon Musk himself.

Thus, Dogelon is one of the many meme cryptocurrencies which users can trade or invest in. While ELON isn’t directly related to Elon Musk, his name appears to have inspired many to hold it. As of today, there are over 115,000 holders of Dogelon Mars, with a community of around 550K followers on Twitter.

In this article, we’ll examine what Dogelon is, its unique features, and whether it’s a good investment.

What Makes Dogelon Mars Unique?

Dogelon Mars is unique in many ways. Its community has earned a reputation for helping victims of crypto scams. The Dogelon Mars community has made it their task to donate ELON coins to victims of cryptocurrency scams to help reduce their losses. The community is also unified in appealing to Elon Musk for support of their project.

Tesla owner Elon Musk (and his posts on Twitter) have inspired many meme crypto projects around the world.

Source: Pixabay.com

Unlike DOGE and Shiba Inu (SHIB), the Dogelon Mars project packs some galactic ambitions. Its stated goal is to become an interplanetary currency that may be used when — hopefully — living beings colonize Mars and beyond. Its immediate goal is to pay for the transport of settlers to Mars.

Colonizing Mars has long been a vision for Elon Musk. Hence, Dogelon Mars creators are directly appealing to Elon Musk with this meme crypto.

There’s also an accompanying comic fantasy story of a dog named Dogelon, which serves as background for the project. The tale begins in the year 2440, when Mars has been recolonized after the first galactic voyage. But the arrival of “the annihilators” is threatening to destroy young Dogelon’s comfortable life on Mars, and he must prepare to face the threat.

In due course, Dogelon has to travel back in time and space to the planet Earth and start a new voyage that will help everyone “reach the stars.” The official Dogelon Mars website has published several comic strips on Dogelon’s adventures.

Screenshot of Dogelon Mars fantasy story.

Source: Dogelonmars.com

Dogelon’s Strategies and Ethos

Dogelon Mars draws some similarity with Bitcoin and Shiba Inu, as its founders have also chosen to remain anonymous. Moreover, like Shiba Inu, Dogelon Mars creators have gifted 50 percent of the supply of ELON tokens to Ethereum co-founder Vitalik Buterin, and locked up the rest in a Uniswap liquidity protocol.

Dogelon Mars creators have reinforced that their project isn’t a rug pull by burning the liquidity provider tokens. A rug pull is a typical cryptocurrency scam where developers pump up the value of their coin, then abandon the project after withdrawing as much of the asset as they can. However, ELON creators cannot commit a rug pull because they’ve burned the tokens they’d received for depositing their funds into the project.

Biomedical charity Methuselah Foundation controls 43% of the total Dogelon Mars cryptocurrency. The Methuselah Foundation received these Elon tokens as a donation from Vitalik Buterin on May 12, 2021. It has vowed to “maximize” ELON’s value so it can contribute to the foundation’s charity works. Buterin has also donated his remaining ELON holdings to several other charities.

How Dogelon Mars Works

Dogelon Mars is built on the Ethereum blockchain, and works in the same way as any other ERC20 meme coin. It can easily be tracked on any Ethereum block explorer.

The on-chain history of Dogelon Mars shows that the anonymous developers of the coin never conducted a token pre-sale, nor did they give anyone early access to ELON coins before making a public debit.

You can buy ELON on Uniswap and trade your coins for other cryptocurrencies.

Current ELON holders have either purchased the coin on the decentralized exchange, or received them as donations from Vitalik Buterin or other ELON holders.

What Is Dogelon Mars’ (ELON) Road Map?

While the stated purpose of the Dogelon community is to make this crypto an interplanetary currency, the developers haven’t released a white paper or a detailed road map, as is generally done by a crypto project. Rather, they posit a fantasized version of their road map whereby Dogelon Mars keeps growing in value to become a fair universal currency.

The official Dogelon Mars website doesn’t provide much detail about the project or the team behind it. Rather, it presents a number of fictional stories depicted through cartoon strips.

The Dogelon Mars team has several plans to expand their crypto project. In late 2021, they announced plans to incorporate DeFi and staking opportunities for ELON holders. They intend to introduce xELON, a governance token that will facilitate decision-making and provide incentives in the Dogelon Mars DeFi ecosystem. These xELON tokens would be rewarded to users staking their ELON coins to make the Dogelon ecosystem stronger.

Dogelon Mars has also announced the Dogelon Martians NFT series featuring “Gloomy Bear,” which has yet to launch.

Dogelon Mars Tokenomics

ELON price movement in the last seven days.

Source: CoinMarketCap.com

The starting total supply of the project is 1 quadrillion ELONs. As mentioned, while Dogelon Mars developers already sent half of these coins to Vitalik Buterin, the remaining half were permanently locked in a liquidity pool on Uniswap.

The estimated circulating supply of ELON is currently over 550 trillion. The current market cap of ELON is approximately $146 million. The 24-hour trading volume of Dogelon Mars was approximately $2 million.

Dogelon Mars coin touched its all-time high price on October 31, 2021, reaching $0.00000279. Since then, its price has been seeing a steady drop by over 85 percent to $0.0000002674 today.

Note: Figures above are accurate as of this writing (June 23, 2022) and are approximated up to two decimal places.

Is Dogelon Mars a Good Investment?

Before deciding whether ELON is a good investment or not, it’s important to take a look at its key positive and negative points.

Dogelon Mars mascot launching to space.

Source: Dogelonmars.com

Pros

Charitable – On the positive side, ELON has a strongly evolving community that isn’t just interested in its own growth, but also in helping victims of crypto scams in the market.

Donation to Vitalik Buterin – The mere association of Vitalik Buterin’s name with the project as the recipient of 50% of total supply drives some confidence among investors. Though Buterin has donated most of his ELON holdings, 43 percent of the total supply is still with the charitable Methuselah Foundation, giving a sense of purpose to the community and aspiring investors.

Strong Connection With Elon Musk – The connection with the Tesla/SpaceX CEO through the use of his name, as well as the billionaire’s affinity for all things meme coin and Mars, also give investors some confidence in this coin.

Cons

No Utility – On the negative side, however, there is no actual utility for ELON. The project's dream of becoming an intergalactic currency is also far-fetched, considering it’s not even a planetary currency as of now. Thus, you cannot use this cryptocurrency for payments — even on Earth.

No Clear Road Map – There is as yet no clear road map, either. The project appears simply to be banking on the hype surrounding meme cryptocurrencies. In the absence of a public white paper listing clear goals, Dogelon Mars is clearly a risky bet for anyone.

Large Token Supply – The number of ELON in circulation is very large. It’s unlikely to reach a significant price point in the future. Currently, users can only buy and hold ELON in a crypto wallet. At this point, there’s nothing else they can actually do.

Should You Buy Dogelon Mars (ELON)?

Whether or not to buy Dogelon Mars depends upon your appetite for risk.

Dogelon Mars 1-year price chart

Source: CoinMarketCap.com

Cryptocurrencies are considered very risky for investment purposes. Cryptos with no utility and clear goals are considered even riskier.

When it comes to Dogelon Mars, everything about the project comes across as vague, apart from the obvious ticker name — ELON. The project’s developers are trying to bank on this name recognition (despite remaining anonymous themselves).

Crypto investment experts often suggest that in order to avoid future shocks, one should always invest in projects that are ranked higher and have some utility. As of now, ELON has no practical utility, apart from its lofty dream of becoming an intergalactic currency in the future.

For a conservative crypto investor with less risk appetite, large public blockchain projects like Bitcoin and Ethereum may be more appropriate for investment. There are several other large-scale projects with significant use cases and potential for long-term value creation.

The aftershocks of the recent crypto crash are keeping investors away for the time being. There’s an overall sentiment of “extreme fear” in crypto markets, resulting in a precipitous fall in price for almost every crypto. The price of ELON has also fallen by over 25 percent in the past 30 days.

However, considering the fact that Dogelon Mars packs some significant memeable features — the dog meme, Mars exploration, and the Elon angle — its price may appreciate when the overall crypto market improves and investors’ risk appetites rebound. In a bear market, however, ELON may not be a good choice for investors.

Closing Thoughts

Building a social media community, harping on buzzwords like dog and Elon Musk, and promising price reach to the moon have been the typical playbook copied by scores of meme crypto projects ever since the rise of Dogecoin.

However, not all of these projects have been successful in making their investors rich. ELON appears to be one of these as of now. It’s currently indistinguishable from hundreds of other such meme cryptocurrencies already in circulation. In fact, many of these have proven to be scams.

Several meme projects continue to boast of strong backing communities. But their prices haven’t appreciated as hoped after the rise of DOGE and Shiba Inu. Even if it turns out not to be a scam, Dogelon Mars seems to be one of the many dog-themed meme coins that may meet a similar fate as the projects that have come before them.