What is Dogelon Mars (ELON)?

Dogelon Mars is a dog-themed meme coin available on Ethereum. It follows the path of other popular canine cryptocurrencies, such as Dogecoin, Shiba Inu, and Floki Inu. Its name is a combination of Dogecoin and Elon Musk, billionaire entrepreneur and vocal promoter of Dogecoin on Twitter. Its name also alludes to the project’s goal to fund the colonisation of Mars and to be used as an intergalactic currency when that happens.

Dogelon Mars has managed to create a sizable community despite its ironic name, with over 500,000 Twitter followers and over 74,000 Telegram followers (as of July 2022).

Its ticker symbol is ELON.

A brief history of Dogelon Mars (ELON)

The founders of this canine coin are unknown, a rather common event for meme coins, and investors are well-advised to perform due diligence with unknown coins to avoid falling victim to malicious actions like rug-pulls and exit scams.

On its website, Dogelon Mars employs a comic story of Dogelon, the dog that inspired the currency's name, as the backdrop for its coin. Dogelon "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."

Dogelon Mars does not have an actual blueprint, but has instead created a fantasy version of its journey via its comics: Dogelon had to struggle for existence against the annihilators once Mars was recolonised in 2420. The fantasy version predicts that if the coin is published on all major exchanges, the price of ELON will reach “Mars” (i.e., a far greater value).

At its initial coin offering (ICO), 50% of the total ELON supply was sent to Ethereum co-founder Vitalik Buterin, while the other half was held in Uniswap. In 2021, Buterin donated all of his USD ELON to the Methuselah Foundation for life extension research and longevity.

In 2021, there was word of Dogelon Mars moving into the decentralised finance (DeFi) space by launching an xELON governance token that can be earned for staking ELON. As of July 2022, the plans haven’t yet been realised.

How Dogelon Mars (ELON) works

ELON is an ERC-20 token on Ethereum, one of the most prominent blockchains and go-tos for many decentralised applications (dapps).

Dogelon Mars can be acquired by swapping ETH for ELON or by buying it on crypto exchanges like Crypto.com or its original home, Uniswap, via the Crypto.com DeFi Wallet.

What is Dogelon Mars (ELON) used for?

As a meme coin, ELON has no functionality beyond being a medium of exchange and store of value.

The planned but to-date-unlaunched xELON token would be an addition to Dogelon Mars’ ecosystem. According to the project, xELON would be used as a governance token to vote on initiatives, coordinate protocol decision-making, award treasury grants, and more, and it would be distributed to ELON holders who stake their tokens.