Dogelon Mars (ELON) meme coin
What is Dogelon Mars
Technically speaking, it is a Dogecoin fork released on the Ethereum blockchain and also available on the Polygon network. There are no revolutionary or non-standard technical solutions in Dogelon because a meme coin doesn't need them.
From a conceptual point of view, it is just another "dog" meme-coin, exploiting the success of coins like Dogecoin, Shiba Inu and Floki Inu. In addition, Dogelon plays on the popularity of Elon Musk in the crypto community and Musk's own fascination with space and Mars.
Dogelon's founders communicate with the community on behalf of a certain "Ilon" who "impersonates" (not seriously) Ilon Musk. The name — a cross between Dogecoin, Elon and Mars, according to "Ilon" was chosen because naming a coin after himself would be too selfish. And instead of travelling to Mars, "Elon" promises the audience a flight to the moon, playing off another crypto meme, "To the moon".
The only value of Dogelon was its relatively large and active (in the first months of the coin's existence) community. Thus, the token's Twitter account at its peak had more than 300 thousand followers, and in Telegram — more than 85 thousand. Notably, manipulations of the coin's exchange rate (and it survived at least two pump&dump schemes) did not cause any particular negative reaction from its community.
But even the founders of Dogelon took marketing and hype-building after a while — the site has not been updated since its launch, and the activity in social networks over the last year is also minimal.
ELON token
ELON (yes, another "original" Musk's play), as already mentioned, has no practical application. It is a purely speculative asset.
At the time of writing, the ELON rate is $0.0000001868 per token with a capitalization of about $100 million (the total issue volume is 1 quadrillion tokens). The coin is at the end of the second hundred traded cryptocurrencies by capitalisation.
The daily trading volume compared to the daily capitalisation is relatively high — 10-12 million dollars. So it is impossible to call ELON completely unnecessary, but we can not discuss its high demand. There are also no reasons for the coin's growth in the foreseeable future. The only "value" of ELON — the hype in social networks around the coin has long disappeared, and there are no attempts to rekindle interest in the asset.
The coin has been trading on the market since April 2021 and has already experienced several pump&dumps, including two extremely obvious pump&dump manipulations in May and November 2021. Theoretically, token holders could have made around 4,500% profit during these pump&dumps.
In the first half of 2022, ELON tried to pump&dump several more times, but each new "approach to the shell" came out weaker than the previous one. So, the token rate spent the last year in stagnation.
However, ELON turned out to be useful in one aspect. The project's founders followed Shiba Inu's footsteps and transferred half of the total issue of tokens (500 trillion pieces) to Ethereum creator Vitalik Buterin. The latter donated them to the Methuselah Foundation, a non-profit organization specializing in regenerative medicine and tissue engineering development. The amount of the donation, based on the value of the tokens at the time, was about $336 million (the transaction was made during one of the pampas). So, the ELON founders still deserve a "plus in their karma".
ELON's investment prospects
If we call things by their names, there is no sense in investing in ELON. It is a pamp token that has already fulfilled everything its creators wanted it to do. By and large, it is "used material". Yes, there is a chance that the coin will be tried again, but it is naive to count on it seriously. This asset is suitable only for short-term speculation — investing in it involves too much risk.
