Crypto Academy

Dogelon

Dogelon

3 min reading

Did you know what Dogelon Mars is? No? Then it is time to get familiar with it and learn more!

What`s Dogelon

Dogelon

Introduction

In October 2021, among the top 100 cryptocurrencies, the new cryptocurrency ELON, also called Dogelon Mars, took the top spot thanks to a rate increase of more than 4,000%. What is this coin and what can we expect from it further? Find out more in this article.

What is Dogelon Mars?

Dogelon Mars is a cryptocurrency developed using the ERC-20 token standard and powered by the Ethereum blockchain. The ERC-20 technology in the Ethereum network is the security standard for most exchange tokens, including Uniswap, Chainlink and Aave. In addition, the vast majority of unexchanged tokens on the Ethereum network use the ERC-721 token standard. Argumentatively, Dogelon Mars was inspired by the progress of Dogecoin. Firstly, the name cogin is a portmanteau of the “doge” meme and Ilon Musk’s name, and secondly, the word “Mars” is a reference to the billionaire of the same name (SpaceX) and his position as a connoisseur and supporter of space exploration. Elon Musk is completely unrelated to the project officially. Moreover, the marketing of the project, including the description of the website, is absolutely within the framework of the classic “coin-medal” expectations. 

History of Dogelon Mars

Dogelon Mars started exchange trading on Uniswap on April 22, 2021. The value of the token started at around $0.000000002 and soon reached $0.00000208. In terms of interest, investors who made a purchase of Dogelon on April 22 earned about 100,000% p.a. The token issuance took the form of a pre-public DEX (IDO) auction. DEX are decentralized stock exchanges, meaning: they use blockchain technology to organize exchanges instead of a centralized organization like Coinbase or Robinhood.  As the Dogecoin cryptocurrency surged in popularity, overtaking bitcoin in Google search results for the first time in May, control over the coin’s clones intensified. As a consequence, there has been a significant increase in transaction fees on the Ethereum network. Since the beginning of May, their value has risen by 563% to $65. 

Features of Dogelon Mars

Dogelon Mars, Dogelon is a fork of Dogecoin. Regardless, the token’s maximum stock is much larger compared to DOGE, making the asset less rare. According to some experts, Dogelon Mars is a bad investment. They believe it lacks any useful properties or advantages compared to other, more popular cryptocurrencies, and its founder appears pretending to be Elon Musk. Considering that the price of Dogelon Mars has already increased more than 1000% in recent times, Dogelon Mars is an incredibly high-risk investment.

In conclusion, it is important to note that, according to experts, this coin is useless. From a technological point of view, it has no significant advantages over fundamentally useful projects, so the growth of its price only holds on to the excitement. As soon as the trend passes – and that can happen at any moment – the “meme coin” will quickly begin to fall in price. That is why it is not recommended for long-term investments.

Conclusions