Key Takeaways:
- Dogelon Mars (ELON) is an Ethereum-based meme coin inspired by Dogecoin and Elon Musk’s Mars colonisation ambitions, launched on 23 April 2021.
- ELON’s creators donated half of its fixed supply to Vitalik Buterin to give to DAOs, foundations, and individuals supporting its mission.
- Dogelon Mars has limited current utility but supports charitable projects, like International Space Station research and aid for crypto scam victims.
- As of 18 June 2024, ELON’s market cap is US$97.51 million; it trades at US$0.0000001773 with 549.6 trillion tokens in circulation.
- Despite being highly speculative and volatile, ELON’s strong community and charitable mission drive its growth potential.
What Is Dogelon Mars (ELON)?
Dogelon Mars is a meme coin on the Ethereum network that draws inspiration from the popular Dogecoin token as well as Elon Musk’s aspirations to colonise Mars. Launched on 23 April 2021, ELON saw a 3,600% price increase in October 2021 before fading back to its most recent lows in the late summer of 2023. In early 2024, the token is enjoying a resurgence in popularity and price alongside other meme coins taking part in the overall bullishness of crypto markets.
While Dogelon Mars has no affiliation with Elon Musk or SpaceX, its creators and the community supporting it think of it as a ‘mission token’ rather than a meme coin. Upon launch, its creators donated half of its capped quadrillion token supply to Ethereum founder Vitalik Buterin for redistribution to decentralised autonomous organisations (DAOs) and foundations in the spirit of charity. Its creators put the rest of the tokens in a Uniswap liquidity pool, seeding it with 40 ETH, or about $100,000, before destroying the tokens they received to signal their commitment to ELON’s success.
The ELON community also supports an ongoing comic series featuring the adventures of Dogelon Mars, a cartoon Shiba Inu designed to resemble Elon Musk, available for purchase as NFTs.
As of 18 June 2024, ELON’s market cap is US$97.51 million, trading at US$0.0000001773 with 549.6 trillion tokens in circulation.
See Dogelon Mars’ current price and recent price charts.
How Does Dogelon Mars Work?
Dogelon Mars is an ERC-20 token. Upon launch, its founders put half of the tokens in a liquidity pool on Uniswap. Today, that supply is available for purchase and trade. Holders can also receive it as a donation from Vitalik Buterin.
As of the time of this writing, Dogelon Mars has straightforward tokenomics. There is a fixed supply of one quadrillion tokens, with half of those on hold with Vitalik Buterin or groups that received donations from him, reducing the supply in circulation. While there are aspirations for future functions, ELON is currently only represented by the token itself, the NFT-based comic, and the recent launch of Dogelon AI, which allows users to mint NFTs from AI-generated images. This means the majority of Dogelon Mars’ value comes from market sentiment and the efforts of its community to support ELON’s mission.
Does Dogelon Mars Have Any Utility?
Other than Dogelon AI and its native comic series, Dogelon Mars has no current utility. Efforts are underway to change this, and started with a transition in April 2024 to make ELON a decentralised autonomous organisation (DAO). This operational change gives the community a more powerful role in driving innovation for the project and could lead to increases in utility.
ELON’s Mission and Charitable Partnerships
Despite lacking true utility, Dogelon Mars is backed by a strong community that believes in its charitable mission to support advancements in quality of life, space travel, and good citizenship. One of the largest ELON holders is the Methuselah Foundation, a biomedical non-profit charity seeking to extend the human lifespan, through donations from Vitalik Buterin. In conjunction with the Methuselah Foundation, the Dogelon Mars community helped fund experiments on the International Space Station (ISS). The community also supported victims of crypto rug pull scams with targeted airdrops of ELON tokens.
How Much Will ELON Be in 2024?
After reaching two-year lows of around US$0.0000001236 in August 2023, Dogelon Mars started to work its way back up that fall, rising as high as US$0.0000003989 by March 2024. This recent 220% increase is enticing to traders, as is its accessibility.
ELON is available on a variety of tier-1 crypto exchanges such as Crypto.com, but can we expect its price to continue to rise in the coming months?
Recent developments surrounding ELON have helped in the token’s resurgence in 2024. ELON’s strong community and charitable mission have been attracting attention, with 468,000 followers on X as of this writing. The community is in discussion to expand the token’s utility, though no actions are currently underway. Large portions of the supply are held by those who support the mission, including Vitalik Buterin and The Methuselah Foundation, which promised not to flood the market with tokens. There are also the potential effects of the April 2024 Bitcoin halving, which historically led to price increases across crypto markets several months after the halving took place.
Despite these factors, meme coins are volatile products, and their popularity can ebb and wane quickly. Macroeconomic factors in crypto markets can have an outsized effect on meme coins, as well. Because of these unknowns, nobody can say for sure where ELON will stand throughout the year.
How to Buy ELON With Crypto.com
It’s easy to buy ELON and other popular meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and dogwifhat (WIF) in the Crypto.com App. Purchase ELON with USD, GBP, EUR, and more than 20 other fiat currencies, or trade your tokens for over 250 other cryptocurrencies, like BTC, ETH, SOL, and more.
To start buying ELON today, simply download the App for free in the Apple App Store or Google Play Store. Once you install the App, it will lead you through a simple sign-up process that takes only minutes.
Once you’re set up in the App, you can fund your account easily with a bank transfer, Apple Pay, or a debit or credit card. If you use a card or Apple Pay, funds will reach your account instantly. If you opt for a bank transfer, it could take 1 to 3 business days for your funds to show up in the App. As soon as the funds hit your account, you can start buying ELON immediately.
Conclusion — Should You Buy ELON?
Dogelon Mars is a meme coin with a solid mission statement, support from Ethereum’s founder and charitable organisations, and a dedicated community. While down from its all-time highs in 2021, the token is seeing a resurgence in 2024 in terms of popularity and price, and discussions are ongoing for potential utilities for the token. Regardless, meme coins are highly speculative assets that experience significant volatility. While many traders seek volatility for potentially high upside, it’s important to keep the underlying risks of potential losses in mind as well.
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