Dogelon Mars (ELON) – An Elon-musk Inspired Meme Coin

Key Take Aways: –

• Dogelon Mars is a meme coin that was launched in April 2021.
• The project is inspired by Elon Musk and his vision of colonizing Mars.
• Dogelon Mars has a supportive community that provides financial support to victims of crypto scams.

The meme coins gained a lot of attention when Elon Musk started tweeting about Dogecoin (DOGE). Following the tweets, many traders started buying DOGE due to which the price of the token was surprisingly pumped. Since then, many other meme coins have been launched following the pattern of DOGE.

But they didn’t get as much attention as DOGE because DOGE became the talk of the town due to Elon Musk. Shiba-Inu got a bit more attention compared to other meme coins because it was again mentioned by Elon Musk several times in his statements. So, the developers realized that the meme coins gain more attention when they’re somehow associated with Elon Musk.

So, a group of developers introduced a project that combines the name of the most popular meme coin and Elon Musk. Although the project isn’t directly associated with Elon Musk, it became quite popular after the launch and its community became really strong within a short span of time.

What’s So Special About Dogelon Mars?

Using Elon Musk’s name isn’t the only reason for the project’s success but it also offers a number of unique aspects that aren’t available in other meme coins.

Supporting the Victims of Crypto Scam – Dogelon community has targeted the pain point of the crypto industry. Hundreds of investors have become a victim of crypto scams over time. That’s because there isn’t a proper method to validate the authenticity of a project. Dogelon Mars donates ELON tokens to the victims of these scams so they may cover their losses.

Reasonably Defined Goals – Unlike Dogecoin and Shiba Inu, Dogelon Mars isn’t just used as a transfer of value but it’s dedicated to becoming the interplanetary currency. It aligns with Elon Musk’s vision of colonizing Mars. That’s why it uses the word Mars in its name.

The developers have designed this project with the goal that Elon Musk may consider using this token as a transportation fee for those who want to settle on Mars. Dogelon name is also derived from the comic fantasy story of a dog. The dog travels back in time from the year 2440 in an effort to help the people on planet Earth to reach the stars.

Dogelon Brief History

Dogelon was introduced by a group of “decentralized developers” in April 2021. The developers didn’t disclose their identity but mentioned that they’re passionate about space exploration and the future of blockchain. The project has raised funds through the sales of ELON tokens and airdrops.

Around 500 trillion ELON tokens were donated to the co-founder of Ethereum, Vitalik Buterin, in May 2021. Buterin burnt half of the tokens and donated the remaining half to a non-profit organization, Methuselah Foundation. In July 2021, some members of the crypto community started accusing the project of being a scam following a tweet from Elon Musk.

Musk later clarified that his tweet was about Dogecoin and not about Dogelon. Dogelon has become popular over time and its native token ELON is now available on popular exchanges like Uniswap, PancakeSwap, and more.

Pros and Cons of Dogelon

Supportive Community

Dogelon community doesn’t only provide financial support for the victims of crypto scams but the community has developed a set of resources to help the victims.

The victims can share their stories on a dedicated support forum and they can also discuss problems with other community members.

The users can protect themselves from crypto scams by looking at the list of known crypto scams listed by the community.

A team of volunteers who are available to help victims file reports with law enforcement and recover their stolen funds.

In 2022, a victim recovered around $100,000 worth of stolen funds with the help of the community. Similarly, the community helped with filing a report with law enforcement for a group of victims of a crypto scam in 2023.

Strong Connection with Elon Musk

The project doesn’t only use Elon Musk’s name in its name but it’s also dedicated to supporting Elon’s vision of colonizing Mars. Its logo also features a Shiba Inu dog. Although Elon Musk has never endorsed ELON, the investors are confident that it may play a vital role in supporting Musk’s vision of colonizing Mars.

No Current Utility

Although the project’s dream of becoming an intergalactic currency seems really impressive, its native token ELON doesn’t have an actual utility at the moment. So, unlike other cryptocurrencies, ELON can’t be used as a payment option.

No Clear Roadmap

Dogelon is currently just taking advantage of the hype built around meme coins. Its founders haven’t yet provided any roadmap for the future growth of the project. Unlike other blockchain projects, Dogelon doesn’t have a white paper. So, investors need to think carefully while investing in this project.

Dogelon Tokenomics

ELON is the native token of Dogelon that is expected to be used as a payment option for Mars settlers. Unlike other cryptocurrencies, the Dogelon team didn’t conduct any token pre-sale. They only donated 500 trillion tokens to Vitalik Buterin who donated half of the tokens to an organization and burnt the remaining half.

So, the current ELON token holders have either received ELON tokens as a donation from Buterin or they’ve directly purchased the tokens from an exchange. With a circulating supply of 549.6 trillion tokens, ELON has a market cap of $86 million. It ranks among the 200 best cryptocurrencies in terms of market.

The token has a total supply of 1 quadrillion tokens that will be released over time.

Conclusion

Dogelon Mars is a meme coin that was inspired by Elon Musk and his vision of colonizing Mars. The project has a supportive community that provides financial support to victims of crypto scams. However, the project does not have any real-world utility at the moment and there is no clear roadmap for its future growth. Investors should carefully consider these factors before investing in Dogelon Mars.

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