After the success of such famous dog tokens as DOGE and SHIB, many meme projects appeared last year trying to join the success. Dogelon Mars is one such project. It doesn’t offer any utility and is based just on creative ideas and marketing efforts. Even though it managed to make it high before, after the major market correction during the spring and the summer of 2022 it lost almost all the gains of the previous periods. Read our Dogelon Mars token price prediction and see if the token will go for another round of fame.
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Dogelon Mars Fundamental Analysis
Dogelon Mars is a meme token project inspired by the success of dog-tokens such as Dogecoin, Floki Inu, and Shiba Inu, and Elon Musk is a big supporter of those. It is expressed in the made-up name that combines Dogecoin and Elon. The reference to Mars is related to the famous moon meme and partially to Musk's intention to build a spaceship that can reach the red planet. Technically Dogelon is the fork of Dogecoin.
The project is based not on the utility, but on the concept and idea. It got recognition quite fast and gained over 650 000 Twitter followers and over 90 000 followers on Telegram. It claims to be the first interplanetary coin and also aims to undo the hard work made by frauds, schemers, and other bad actors that affected the cryptocurrency world.
The project was founded in 2021 by an anonymous team of developers. Despite many concerns about the nature of the project and the advice to investors to avoid putting their money in it, to avoid being rug-pulled or scammed, Dogelon has been on the market for almost a year reducing the chance for the token to appear as a scam. Moreover, there were airdrops of ELON coins to those members of the community that experienced rug-pulling.
In the project description of Dogelon there is a humorous comic about the adventures of a cool dog that came to Earth from the Mars of the future and explored the mysteries of the galaxy on his way. He meets friends along the way, and the stories about their adventures are published on the official website. According to the story, humans are also evolving into a multi-planetary species, so the Dogelon community is looking for opportunities to collaborate in the missions in extending human life.
Interestingly, there is not even a road map for the project, instead, the team rolled out the Dogelon adventure plan in the comic. He dreams of recolonizing Mars by 2420 and later fighting with the annihilators. Taking it as a metaphor members of the community suggested that colonization of Mars will be the listing of the Dogelon token on the biggest exchanges and the market volatility is an annihilator to fight against.
ELON is the ERC-20 token on Polygon and Ethereum blockchains. The total supply of the ELON token is 1 quadrillion, half of which was allocated to the co-founder of Ethereum Vitalik Buterin, who was trusted to be the safety grant of the asset, just as it happened with Shiba Inu. The remaining supply is held in the liquidity pool and the current circulating supply is 553 billion ELON.
Dogelon Mars Live Price Chart
Unlike most of the tokens on the market, which started recovering their value in the middle of the summer of 2021, the ELON token stayed stable, maintaining the very low price level of around $0.000000055 not only till the end of the summer but also in September. In the middle of the month, it grew to the level of $0.000000076 for a couple of days and then returned to the previous level and was trading for the same price till the beginning of October 2021.
At that time the crypto market started the bullish season with meme-tokens being affected more than other assets. From October 5 the price of the ELON token started to grow, first reaching $0.00000013 and almost doubling in the next 10 days, jumping to $0.00000026.
After staying at this level for 1 week, the ELON token price chart skyrocketed with its price becoming almost 10 times higher and hitting $0.0000022 on October 31. Even though it was still below its all-time high it made the users turn their attention to the project again. In 2 days the price almost halved going down to $0.00000013, then went up again almost reaching the previous level. The momentum was lost and the price of the ELON coin established a downward trend. The token didn’t lose its value fast and was declining while bouncing. The downtrend lasted till December 20. At that time the ELON token traded for $0.0000010.
In the last 10 days of 2021, the Elon token attempted to return its previous gains and managed to break the resistance and climb up to $0.0000016. And despite the correction at the end of the year, started 2022 at the same price level. But in January 2022 ELON was going down. By January 20 it dropped to $0.00000066, then went up and in 2 weeks reached $0.0000011 and completely gave up to the bears. By the end of February, the price of ELON was $0.00000083 and it kept declining in the first part of March.
After the first half, as the crypto market finally started to behave in a more bullish manner the price started to grow again. On March 29 the Dogelon Mars token price reached $0.0000011, went down for about 2 weeks, and then grew to the same level at the end of April, but couldn’t stay at the same level.
On May 12 when all the tokens got hit by the bears' attack, the price of Dogelon Mars tokens dropped to $0.00000055 and continued slightly declining. Another market collapse also affected ELON and it went down to $0.00000026 but stayed at this level only for 9 days. On June 2 1 the price recovered to the level of $0.00000032 and stayed at this level for another two months, disappointing a lot of project followers as it didn’t grow when the overall crypto market went up.
The recent stability of the token price at the lower level made experts doubt the future of the token. Most of them believe that in the short term it’s a pointless investment as it doesn’t show many signs of growth and in the longer term, it will probably not grant many gains.