Dogelon Mars

What is Dogelon Mars (ELON)?

Dogelon Mars is one of a pack of dog-themed cryptocurrency tokens on the Ethereum and Polygon blockchains. Perhaps more so than others, it rides on the coattails of the fame of Tesla, SpaceX, and Twitter owner Elon Musk.

South African-born billionaire Musk has not been confirmed to have anything to do with the currency, but he has immense reach on the internet. While a controversial figure, his public messages have often created shockwaves in the so-called meme coin market.

Dogelon Mars also references Dogecoin, the OG meme cryptocurrency that Musk actually has tweeted about, and the meme of going to Mars rather than “to the Moon.” This is a reference to rapid appreciation in the price of a token or asset and an attempt to induce hope in holders that the token’s price will one day reach $0.01 or even $1.

Who are the Founders of Dogelon Mars?

Similar to one of the leading “dog coins” on the market, Shiba Inu, the founders of Dogelon Mars are unknown. However, they or the team behind the project have taken the creative approach of shrouding the token in an amusing narrative.

A small comic series on the project’s website follows 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.”

Despite this quite ambitious synopsis, the comic strip on the website consists of only four pages to date, and its greatest mystery is how Dogelon’s mother can prepare pancakes without thumbs.

Part of the tale not featured on the website is that Dogelon needs to create interplanetary money that all civilizations could use. Whether, indeed, all civilizations would agree to use a currency with the ticker ELON remains to be seen. It certainly seems to have worked in creating a fanbase in record time.

How Does Dogelon Mars Work?

Dogelon Mars is a functioning crypto token thanks to the Ethereum blockchain. Ethereum’s technology allows ELON to be a fungible, tradeable ERC-20 digital asset that could function as a currency if users accept it in exchange for goods and services.

However, aside from the ERC-20 standard, its community, the meme references, and a ticker symbol referring to a billionaire influencer, Dogelon Mars doesn’t have much going for it.

What Makes Dogelon Mars Unique?

Outside of the benefits of being held by some 145,000 wallets, the project revolves purely around its ELON ticker.

Elon Musk is considered one of the most influential people in the world and has a particular hold over the crypto community. His tweets have created turmoil in several digital assets on multiple occasions, and his flip-flopping over Bitcoin usage by his car company Tesla moved the market significantly in 2021.

Twitter owner Musk is also the second most followed account on the platform, behind two-term US President Barack Obama. However, Musk cuts an increasingly controversial figure thanks to his political leanings and seemingly erratic leadership. He was even booed off stage at an event in San Francisco, the home of Twitter’s headquarters.

How is the Dogelon Mars Network Secured?

The ELON token is reliant on Ethereum for its security. As an ERC-20 token, ELON sits on the Ethereum blockchain, although the layer 2 sidechain Polygon also hosts a balance of ELON tokens.

Ethereum is secured by proof-of-stake consensus, wherein validators who create and verify blocks have to deposit a certain number of ETH as a bond. This deposit, amounting to at least 32 ETH, can be slashed if they don’t perform according to the requirements of the protocol.

If they perform satisfactorily, however, these validators earn rewards proportional to the amount of ETH they have staked.

What is the Use of The ELON Token?

Currently, the ELON token does not have any particular utility. Instead, it was intended as a currency, which it can be used as, provided both parties involved in a transaction are willing to do so.

Who Controls Dogelon Mars?

Dogelon Mars is controlled by an anonymous founding team or individual, but to their credit, they attempted to create a fair currency with no presale or team allocation.

The founder(s) also burned their liquidity provider tokens when depositing ELON into a liquidity pool on Uniswap at genesis. This ensured they could neither retract the tokens nor collect liquidity rewards, demonstrating their good faith.

How Much Dogelon Mars is In Circulation?

Dogelon Mars has a maximum supply of 1 quadrillion ELON and a circulating supply of over 551 trillion ELON tokens. This massive token supply is carefully chosen since it presents token prices and quantities that are difficult to make rough calculations with.

Copying the publicity stunt carried out by Shiba Inu, the Dogelon Mars team sent half of the entire ELON supply to Ethereum founder Vitalik Buterin. While the move was advertised as a token burn, the meme coin projects were in for a surprise as Buterin donated them to various charitable causes, including the COVID-19 relief fund.

Despite claims to the contrary by various publications, Buterin retains control of his famous “Vb” Ethereum wallet. The massive transfers of these meme coins had a catastrophic effect on Dogelon Mars, with the price of the ELON token falling nearly 95%. However, Buterin donated most of his ELON stake to the Methuselah Foundation. The Foundation announced in a press release that it would steward its ELON tokens, amounting to 43% of the total supply, and hold them for at least a year to preserve their value.

How Do You Buy ELON?

You can buy ELON tokens on various exchanges, both centralized and decentralized. For example, the original way to buy ELON was via Uniswap with ETH, but the number of pairings on DEX platforms has increased dramatically since.

You can buy ELON using USDC or WETH on most decentralized exchanges, while USDT/ELON is the most common trading pair on CEX platforms.

How Do You Store ELON?

Any Ethereum-compatible wallet can hold Elon. If you’re in it for the long haul, a hardware wallet like Ledger or Trezor may be for you, but a hot wallet like Metamask can be convenient to connect to DEXs quickly and easily.

Is ELON a Good Investment?

Investing, or rather speculating, on meme tokens like ELON with absurd amounts of supply is often an exercise in hope. Holders find it easy to do “napkin math,” setting the price of ELON at $1 or $0.01 since their sizable holdings can look very appealing with some simple decimal shifts.

However, for ELON to even hit $0.01 at its current circulation, its market cap would have to reach $5.51 trillion. In comparison, Bitcoin’s current market cap is less than $400 billion.

The market cap of the most valuable company in the world in 2022, Apple, is $2.64 trillion. Dogelon Mars as a project would have to be worth twice as much as Apple at its current valuation and supply to hit $0.01. To manage a price of $1, ELON would have to surpass the GDP of the entire world five times over. Furthermore, the Methuselah Foundation would likely begin to divest at least some of its ELON tokens once it becomes advantageous.

With a lot of other cryptocurrencies, investing can yield certain benefits. For example, there are governance tokens that give holders a vote and utility tokens that power entire networks. Bitcoin is a currency used by entire nations and is widely considered a pristine store of value, thanks to its diminishing supply.

ELON only has a little more than half of its massive supply in circulation and very little actual use. It is certainly possible that the project team or its community will attempt to build some sort of utility, as other meme coins have done. The Methuselah Foundation may also play a part in this.

For the moment, though, Dogelon Mars is a token based on a small comic strip, a fun little story, and an influencer whose own personal stock seems to be on the wane.