Introduction

Meme coins are a class of cryptocurrency often characterized by little to no utility. It is commonplace for meme coins to be backed by market sentiments, thus encouraging its community to invest for a quick cash out. Without a doubt, Dogelon Mars belongs to this class of cryptocurrency.

Dogelon Mars (ELON) is a meme coin with no utility except that it is used as a store of value. Although the project’s comic story highlights its vision to regain planet Mars as a home, it has neither a roadmap nor a whitepaper that explains how it intends to achieve this vision. This article discusses all you need to know about this meme coin.

What is Dogelon Mars (ELON)?

Source: Dogelon Mars

Dogelon Mars is a meme coin launched on the Ethereum network. It’s a project driven by the target to reach planet Mars by 2420. Dogelon’s adventure plan to reach Mars is documented in a comic book highlighting each movement stage. Although the comic book has very little detail about the Mars adventure, there is a seeming relationship between the comic story and Dogelon Mars’ projected price action in the future.

The story alludes to Dogelon Mars’ aim to surge significantly in price following bullish sentiments from its community of investors.

Dogelon Mars also operates an AI-generated NFT platform that allows users to create Dogelon Mars-themed art and mint them as collectibles. The NFT platform offers a credible use case for the Dogelon Mars token, allowing token holders to create and mint AI-generated NFTs.

Brief History of Dogelon Mars

Dogelon Mars was launched in April 2021 by anonymous founders. The name Dogelon Mars alludes to a blend of Doge, Elon, and Mars. Dogecoin is a cryptocurrency based on the famous “Doge” internet meme featuring a Shiba Inu dog breed. Elon (Musk) is the CEO of Tesla and SpaceX, who recently acquired X (formerly Twitter); he advocates for Dogecoin. Mars is a planet in space where Elon Musk has projected to situate his space hotel in the future. Hence, the associated names yielded influence on the token’s performance.

Shortly after launch, Dogelon Mars saw a bullish trend following hype from its community. Initial market sentiments suggest that the token would outperform other meme coins (notably Dogecoin) due to its use of Elon Musk’s name and real-life vision.

Source: TradingView

However, this wasn’t the case, as Dogelon Mars’ token has constantly seen a downward trend shortly after the hype and FOMO. With no use cases for the token, it is uncertain what its future might be. Seeing the dormant nature of the project, Dogelon Mars founders launched an NFT platform on September 18, 2023, to revitalize the Dogelon Mars ecosystem.

Dogelon Mars Ecosystem

The Dogelon Mars ecosystem incorporates projects built under the platform. This includes:

Dogelon Mars NFTs

Source: i.seadn.io

Dogelon Mars operates an AI-generated NFT platform. Now listed on Opensea, the platform allows ELON token holders to mint the NFT during stipulated periods. The special period is a 2-hour window called Allowlist. Within this time frame, token holders can create AI-generated NFTs and mint them as collectible NFTs using ELON tokens.

Otherwise, users can create their preferred Dogelon Mars arts and mint them as collectible NFTs at a minting price of 0.009ETH each. So far, about 3,042 NFTs have been minted on the Dogelon Mars NFT platform on Opensea as of the time of writing.

Dogelon Mars Rune

With the rise of Bitcoin Runes, Dogelon Mars has equally launched a Dogelon Mars Rune platform. This is to enable Dogelon Mars to create its own Runes on the Bitcoin Rune protocol. Dogelon Mars Rune claims it will allow users to mint a fresh supply of Rune on the Bitcoin Rune protocol.

Bitcoin Rune is a new fungible token standard on the Bitcoin blockchain. With Bitcoin Runes, developers can create and launch their Rune tokens on the Bitcoin network.

To celebrate this new platform, Dogelon Mars Rune is conducting a Rune airdrop for its community.

How Does Dogelon Mars Work?

Dogelon Mars works by tapping from the resources of the Ethereum network—a go-to network for most decentralized blockchain applications. Dogelon Mars benefits from the Ethereum Proof of Stake consensus mechanism, where validators stake 32 ETH to process transactions, store transaction data, and add new blocks to the Ethereum blockchain.

Source: Cer.live

Dogelon Mars token takes the nature of ERC-20 tokens and enjoys security as a project on the Ethereum network. However, following a security review from CerTified—a cryptocurrency security rating platform, there is no platform or token audit for Dogelon Mars. Also, Dogelon Mars’ insurance and bug bounty are rated at 0%, respectively.

What is ELON Token?

ELON is the native token of Dogelon Mars. It is used by the community as a store of value and also utilized to mint AI-generated NFTs.

To get ELON tokens, the following steps are required:

• Users can create a Metamask wallet via Chrome extension or by downloading the app on Playstore for Android devices or the IOS store for Apple devices.
• Buy and send ETH to your Metamask wallet from the Gate.io Crypto Exchange
• Connect your Metamask wallet
• Swap ETH for ELON tokens

ELON Token Use Cases

• ELON token is used as a store of value for token holders. Users can buy ELON tokens, store them in their wallet, and sell them off when the price goes high.
• ELON token can mint AI-generated NFTs on the Dogelon Mars AI NFT platform.
• Additionally, the ELON token is used to maintain utility as it is locked in the Uniswap liquidity pool.

Tokenomics

Source: Etherscan

ELON token has a total supply of 1 quadrillion, with a circulating supply of approximately 55 trillion ELON. 43% of ELON tokens were allocated to Ethereum founder Vitalik Buterin in an attempt to burn and remove them from circulation manually. However, Vitalik donated his entire ELON allocation to the Methuselah Foundation. About 50% of ELON token is locked on the Uniswap liquidity pool to provide liquidity for the token.

Methuselah Foundation is a biomedical charity organization. They are driven by a mission to extend a healthy human lifespan. Some of their strategies to attain this mission include funding longevity research. The foundation also finances companies and initiatives that innovate products that can extend a healthy human lifespan.

Is Dogelon Mars a Good Investment?

Dogelon Mars token is a meme coin, thus making it a risky investment choice. The project does not have any utility that might foster its growth in the future. Investors are strongly advised to conduct adequate research before considering Dogelon Mars as an investment option.

Furthermore, it is essential to understand that the information provided here is for educational purposes only and should not be mistaken for financial advice. So, be sure to consult financial experts before considering investing.

How to Own ELON?

You can buy ELON from centralized cryptocurrency exchanges. For example, Gate.io offers traders the following trading pair: ELON/USDT. To own the token, create a Gate.io account and complete the registration process. Also, you need to fund your spot trading account and go through the steps to buy ELON.

Highlights

Methuselah Foundation Vows to Manage ELON Holding to Maximize Long-term Value

The Methuselah Foundation, the not-for-profit organization that benefited from Vitalik Buterin’s donation, has vowed to keep the ELON tokens they had received to maximize its value in the future.

Recall that Vitalik Buterin, Ethereum founder, had donated ELON token allocation ranging about 43% to the Methuselah Foundation. The charity organization hopes to hold the tokens and not sell them off till it sees the ELON market value surge.

Dogelon Mars to Hold Comic Solana Auction

All is set as Dogelon Mars gears up to host a 0-dogelon-mars-to-hold-comic-solana-auction/">Comic Solana Auction on April 5th, 2024. The auction will showcase sets of unique artworks and allow participants to acquire these artworks from the Dogelon Mars special collection.

Take Action on Dogelon Mars

Check out ELON price today and start trading your favorite currency pairs:

• ELON/USDT