Occasioned by the persistent increase in virtual assets, the crypto sphere has continued to witness rapid expansion. The sphere has, since its 2013 boom, witnessed thousands of crypto innovations and projects. Despite the market volatility of these assets, their level of adoption and usage grows daily. In today’s contemporary world, cryptocurrencies, like Bitcoin, Ether, Dogelon Mars, and others have grown to become a globally acceptable medium of payment, investment, and trading. However, the industry has continued to endure numerous restrictions, particularly in some countries whose governments chose to outlaw the usage of cryptocurrencies. For instance, countries like Nigeria, Algeria, and China banned their citizens from using cryptocurrencies.
Worth noting that despite the restrictions in these countries, crypto trading and usage are still on the rise there, thereby suggesting that crypto has come to stay. As the industry continues to enjoy massive expansion, more crypto assets are manifesting to avail investors of numerous options. The implication of this is that investors are able to decide which asset to invest or subscribe to in line with their respective objectives. Undoubtedly, one of those crypto assets is the Dogelon Mars.
Just like other forms of cryptocurrencies, the Dogelon Mars remains one of the available crypto assets available for investors to explore within the sphere. With this article, new and existing investors will learn more about the rudiments of the Dogelon Mars, its background, and future potentials.
A general overview of Dogelon Mars
Dogelon Mars runs as a Doge-oriented cryptocurrency. According to findings, it manifested in early 2021 without a whitepaper to clearly highlight its rudiments and purposes. However, its website describes the project as a global and “interplanetary” asset. Just like other forms of cryptocurrencies, investors can buy, sell, and send Dogelon Mars to crypto wallets.
As designed, Dogelon Mars runs as an ERC-20 token on the Ethereum network. Notably, the token is popularly called Elon tokens. Findings reveal that most of its holders usually store the tokens in blockchain wallets. Now, the project allows users to swap ETH assets with ELON tokens. Its developers have, since the creation of the token, begun to work on its expansion.
In late 2021, for instance, the team unveiled its native crypto staking through a new $XELON governance token. With the xELON token, the project intends to foster its decision-making and offer rewards to holders. According to the team, participation in its staking pool tends to create additional xElon tokens, thereby strengthening the ecosystem. Similarly, the team also intends to delve into the NFT sphere by unveiling an NFT collection. Although the crypto token is yet to attain the heights of the likes of Ether and BTC, it has continued to wax stronger.
The relationship between Methuselah foundation and Dogelon Mars
Recently, it earned the support of the Methuselah foundation. The embracement of Dogelon Mars by this foundation gave the token a heavy lift. According to findings, the Methuselah foundation unveiled a paper, “Amicus Token Paper.” to highlight its future plans for the token.
Today, the asset now enjoys a vast and consistent community. Reportedly, the community, through the collaboration with the Methuselah team, donated funds to relay a vascular tissue science experiment to the international space station. Occasioned by this partnership, the Dogelon Mars community intends to relay tokens to investors who became victims of crypto scams.
The supply of the tokens
The project kick-started with about 1 quadrillion tokens. As reported, Dogelon Mars team, first relayed 50% of the tokens to Vitalik Buterin, the influential co-founder of Ethereum. Out of the 50% given to Buterin, he released 43% to the Methuselah foundation. Till date, the foundation is yet to sell or relay any of the tokens. This, according to the foundation, will help promote the future potential of the tokens.
As for the remaining 50% of the tokens, the team locked it on the Uniswap liquidity pool. According to findings, the team also deposited about 40ETH into the pool. Afterward, they reportedly burned the liquidity provider tokens. The team did this to prove to the community that the project was not a rug pull. Worth noting that the token remains locked forever in the liquidity pool. With this, it is grossly impossible for any of the developers to effect withdrawals of the initial tokens.
How Dogelon comical adventures replaces Dogelon Mars’s whitepaper
Some of the few exciting features of the Dogelon Mars are its comic story and the combo of Dogecoin and Elon Musk. The Dogelon comic story replaces the need for a Whitepaper in the design of Dogelon Mars. Dogelon refers to the name of the dog that gives the token its name. According to the comical stories on the webpage of Dogelon Mars, Dogelon is on a mission to Mars. The stories illustrate that during the journey, Dogelon meets new friends and explores new adventures. Though, the comic story has deeper meanings than just colorful illustrations and a storyline.
The series of comics explains how Dogelon travels through space alongside his friends to recapture his lost home. Further, the story comically illustrated that after the re-colonization of Mars in 2420, Dogelon had to revolt against “annihilators.” More like a guess, the tale predicts how Dogelon Mars would be listed by top cryptocurrency exchange. Then, the price of Dogelon Mars will soar massively and go to “Mars.” Mars, in this context, refers to a high return on investment that would see Dogelon Mars increase massively in price and compete with top coins.
Meanwhile, Annihilators in the storyline refer to the micro and macro causes of the price plunge in the cryptocurrency space. In short, it relates to the volatility of cryptocurrency. The story predicts that the community and holders of Dogelon Mars will have to battle against this in the nearest future. As stated earlier, the storyline represents the Whitepaper of Dogelon Mars. This could be a possible pointer to the lack of vision and plan for Dogelon Mars by its developers. There are no plans on how to canvass for Utility for Dogelon Mars. Therefore, it will be safe to submit that the developers are relying on the increase demand for meme coins to grow utility for Dogelon Mars. Also, the absence of the Whitepaper implies that the general surge of price in the cryptocurrency space is another reliance for Doge Mars.
The unknown identity of Dogelon Mars developers and the absence of a whitepaper as a pointer
As a doge-themed token willing to emulate the success of other dog tokens like Dogecoin, Shiba Inu, and Floki Inu, Dogelon Mars seems different. Firstly, those who designed the token are unknown. Though, they are not pseudonymous designers like what we know with Shiba Inu. Their identity is anonymous, which could be a worrying sign for investors. Meanwhile, Dogelon Mars doesn’t have a whitepaper that could have served as a blueprint for the future of the coin.
These factors are worrying signs for investors that have invested or willing to invest in Dogelon Mars. Meanwhile, the project has managed to gather more than 300,000 community members on Twitter and more than 84,000 on Telegram. Yet, there are growing concerns that the project could be a rug pull. The project has been in existence for a while, yet its value has refused to grow remarkably over time. There are concerns that the anonymous designers could be waiting for more influx of investment before draining the project.
Is Dogelon Mars a Rug pull?
Rug pull could be one of the possible “annihilators,” and thus investors must be careful with Dogelon Mars. In the past, the cryptocurrency space has endured numerous rug pulls that has robbed investors of their fund. The likes of OneCoin, Thodex, Anubis Dao, Defi100 coin, Luna Yield, and Swipathefox Project, among others, rank high on the list of prominent rug pulls in the space. There are other positive signs about Dogelon Mars that indicate that it’s here to stay. Generally, investors must be careful before committing a sizeable investment to the token.
Future of Dogelon Mars
Dogelon Mars market activities haven’t been really impressive, though Dogecoin remains the most prominent Dog coin so far. Though Shiba Inu is moving swiftly towards covering the gap, it has been doing well in that regard. So far, Dogelon Mars hasn’t moved above the all-time high it recorded on July 31, 2021. Then, the token price sat at about $0.00003263. This figure manifested during the period cryptocurrency enjoyed massive attention. Ever since, Dogelon Mars has struggled for price stability, and investors haven’t earned an enormous ROI on their commitment.
However, the token is bound to grow over time. Just like the comical illustrations on its web page, the future remains bright for Dogelon Mars. Recently, the cryptocurrency space has been gradually regaining its feet. Meanwhile, prominent tokens like Bitcoin and Ethereum are yet to recover what they lost to the intruding Bear Market. Nevertheless, the industry has received disturbing news of late that could trigger instability in the market space. So, as the general cryptocurrency market continues to edge above the stormy sea, Dogelon Mars will also benefit. The price of the token will likely increase as the industry regains stability. Therefore, it could be a good time for investors to buy the dip and wait for a healthy return on their investment.