Can Dogelon Mars Reach $0.01? • Benzinga Crypto

Want in on the action? To buy Dogelon Mars, you can buy ETH on eToro and swap it for Dogelon Mars on Uniswap!

Dogelon Mars (ELON) is a memecoin based on Dogecoin (DOGE) and Tesla CEO Elon Musk. The coin has seen enormous price swings in 2021, and some believe it has even more room for growth. How high can ELON really go? Will the price soar to Mars as the name suggests?

What is Dogelon Mars?

Dogelon Mars is a project built on the Ethereum blockchain using the ERC-20 token standard. This means it uses the Ethereum blockchain for security but can also create its own unique features within the token.

One of these features is its tokenomics. 50% of the initial supply was gifted to Ethereum creator, Vitalik Buterin. The other 50% was locked into the Uniswap liquidity pool. The token was listed on April 22, 2021 through an initial DEX offering (IDO). 

The project hopes to create an “intergalactic currency”, though plans for this have not been unveiled. Besides enormously vague plans, the project is not doing much in terms of uses. 

Much of the 100,000% ELON price increase can be attributed to the community of investors. The project uses Twitter and Telegram to reach an audience of nearly 250,000 and encourage more investors to buy. The community is very strong and offers tireless support for the token. 

The project claims to be a fork of Dogecoin, though there is very little evidence to support this claim. It has a much higher maximum supply and operates very differently than DOGE.

The founder of the project also claims to be named Elon, though the founder is anonymous and no one can verify this information. They may be hoping to attract more investors by suggesting that Elon Musk is behind the token. However, it is extremely unlikely that the actual Elon Musk has anything to do with the project.

Dogelon Mars Market Capitalization

In October 2021, ELON’s market capitalization surpassed $1 billion and currently sits at around $1.2 Billion, ranking in the top 100 cryptocurrencies in terms of market cap. It is currently trading at around $0.0000022, though it rose nearly 4,000% in October alone. 

The coin currently has a supply of over 500 trillion tokens in circulation, with 1 quadrillion max supply. 

Can Dogelon Mars Hit $0.01?

Many memecoins are hoping to beat the odds and reach a price target of $0.01, making investors rich. However, this is extremely unlikely in the case of Dogelon Mars. If the token were to reach $0.01 right now, the market cap would be over $5.5 trillion. A market cap of $5.5 trillion would be approximately 5 times the size of Bitcoin and nearly double the entire crypto market. This becomes even less feasible as more coins are out into circulation. 

While a $0.01 ELON would make many millionaires, this price target is almost impossible to reach. The max supply is simply too high to support the price target. 

How to Buy Dogelon Mars

Dogelon Mars is a relatively new project, and it’s not listed on many centralized exchanges. The easiest way to purchase Dogelon Mars is on Crypto.com. However, it’s also available on decentralized exchanges (DEX) such as Uniswap and Gate.io. 

The first step to buying ELON is to purchase Ethereum on a crypto brokerage such as Coinbase, eToro or Gemini. Opening an account only requires an email and password and some personal information. Once your account is verified and funded through an ACH or credit transfer, you can purchase ETH. From there, send it to a wallet, such as MetaMask or Coinbase Wallet. Once you connect this wallet to the DEX, you can swap your ETH for ELON. You may have to set your slippage to 10% due to high reflection fees. After you execute the swap, your ELON will be stored in your wallet.

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What are Memecoins?

Memecoins are tokens based on internet memes or irony. The largest memecoins are often based around dogs, such as Dogecoin and Shiba Inu. These tokens use satire in order to attract investors and pump the price. 

Many memecoins can be extremely volatile as they often do not offer any uses outside of an investment. Memecoins are some of the most volatile investments of all time, and investors should only invest money they are willing to lose into these assets.

Are Memecoins a Bubble?

With several memecoins appreciating by enormous amounts in the span of hours, many believe the tokens are in a bubble. This very well may be true as the tokens often do not support uses to back up the price. Many believe that this lack of uses will cause the tokens to dramatically decrease, causing the bubble to burst. 

However, these tokens can have huge market caps. There’s close to $100 billion invested in memecoins and many believe that the prices will continue to increase. Many tokens also have strong communities that do not plan on selling their holdings.

Is Dogelon Mars a Good Investment?

For a long-term investment, Dogelon Mars will almost certainly depreciate. There are no features that can back up the price and future plans are extremely vague. There are many other cryptocurrencies with usable features and achievable plans. 

However, the community of investors is very strong and may pump the token further in the future. This is all speculation though, and no one knows where the token will go. If you are willing to make a very risky investment, Dogelon Mars may be the token for you. Do not expect the token to reach $0.01 anytime soon, as this is essentially impossible.