A Doge-themed coin called Dogelon Mars (CRYPTO: ELON) was released in 2021. According to cryptocurrency developers, cryptocurrency is a fair universal currency for the people and a currency for space colonizers on other planets.
The cryptocurrency Dogelon Mars also stars in a comic series for sale as non-fungible tokens (NFTs). You can only buy them with Ethereum (CRYPTO: ETH).
Even though there’s a big community behind this cryptocurrency, there’s much to be cautious about. This guide explains what stands out about Dogelon Mars, Dogelon price, the red flags, and if it makes for a worthy investment choice.
Dogelon Mars: what is special about it?
Dogelon Mars is similar to other cryptocurrencies in terms of utility. Most digital currencies can be bought, sold, and sent to crypto wallets.
At the start, one quadrillion ELON tokens were issued. The crypto tokens were sent to Ethereum founder Vitalik Buterin, a publicity stunt first done by Shiba Inu (CRYPTO: SHIB). Buterin donated 43% of his ELON tokens to the Methuselah Foundation, a charity dedicated to extending human lifespans. ELON’s foundation pledged not to sell those tokens for at least a year and to advance its long-term value.
Uniswap (CRYPTO: UNI) developers deposited the other half in a liquidity pool. The liquidity pool was deposited with 40 ETH at the time, worth $100,000. So they couldn’t retract the tokens or collect Uniswap’s liquidity rewards; they burned (destroyed) the liquidity provider tokens they received.
The Dogelon Mars team demonstrated that they wouldn’t commit a rug pull by burning the liquidity provider tokens. Rug pulls involve developers pumping up the value of their cryptocurrency, withdrawing as much as they can, and abandoning it. Dogelon Mars’ founders can’t do that because they burned their tokens.
Dogelon Mars is a project aiming to undo crypto scammers’ damage. Dogelon Mars community members are encouraged to donate ELON tokens to scam victims, and they often do, to their credit.
How does Dogelon Mars work?
Dogelon Mars is an ERC-20 token on the Ethereum blockchain, and you can buy it on Uniswap and trade it for other cryptocurrencies. Most tokens are stored in blockchain wallets, and some are donated to victims of crypto scams.
There’s a plan to expand Dogelon Mars. It was announced in late 2021 that crypto staking would soon be available via a new $XELON governance token. They’re also making a bunch of NFTs.
A unique set of potential risks
One problem with Dogelon Mars is that it only answers one simple, crucial question: what does it do? You can’t tell the difference between meme tokens and Cryptocurrencies like Bitcoin are just one of the thousands.
It’s just a currency people use between planets, and it’s hard to find places where you can use it for payments, so it’s not even a world currency.
Names are also important. Despite how silly this may seem, cryptocurrencies with funny names can succeed initially. They eventually burn out since no one takes joke projects seriously.
Dogelon Mars sounds like a mashup of 2021 crypto buzzwords. Undoubtedly, the price alone will discourage people from purchasing it.
Dogelon Mars: Is it a good investment?
Following a few rules when investing in cryptocurrencies is a good idea. Make sure you clearly outline the goal of any project before you invest. Buying meme tokens is not a good idea, and neither Shiba Inu dogs nor Elon Musk should be the basis of your purchase.
One of the reasons Dogelon Mars relies on hype is that it has no real utility — at least not yet. Although hype can lead to some short-term price runs in crypto, it does not guarantee long-term success.
You have much better options than Dogelon Mars to invest in crypto. You should look for cryptocurrencies that aim to solve real-world problems, not problems on Mars. Investing in cryptocurrency stocks could be a good option if you want something simple.
Final words
Those interested in buying Dogelon Mars can choose from a couple of options. You can buy it through an exchange by signing up for an account on one of the crypto exchanges that offer it. You can also trade it on the decentralized Uniswap exchange, for which you’ll need an Ethereum wallet.
We all know cryptocurrencies are risky and volatile, so it is crucial to understand them thoroughly before investing.