How to Buy Dogelon Mars (ELON)

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Contributor, Benzinga
January 7, 2022

Wondering how to buy Dogelon Mars? Good news, ELON is new available to trade on Crypto.com!

Whoever said that it's hard to become a millionaire has clearly never made their own dog-themed cryptocurrency. Seemingly every cryptocurrency with references to Elon Musk or Dogecoin has appreciated in value, and cryptocurrencies like Dogelon, DOGE, Shiba Inu and Akita Inu have well surpassed billion dollar market capitalizations. 

While these tokens can provide radical returns to early investors, the price action is purely speculation. These tokens haven’t released many viable products, and more established cryptocurrencies should outcompete these meme cryptos in the long run.

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What is Dogelon Mars?

Dogelon Mars is a cryptocurrency based on Ethereum’s blockchain using the ERC-20 token standard. The ERC-20 token standard is used by most fungible tokens on Ethereum’s network, including Uniswap, Chainlink and Aave. Ethereum’s network also secures the vast majority of non-fungible tokens on its network, using the ERC-721 token standard.

Although Dogelon Mars’ website promises radical developments, such as being the interplanetary currency, the company has yet to develop a viable product to make Dogelon into a viable currency. Because Ethereum transaction fees are so high, investors would need to spend several dollars just to send the token to another wallet, making it a poor choice for an interplanetary payment system. 

According to Dogelon Mars’ website, Dogelon is a fork of Dogecoin. However, the token has a much larger maximum supply than DOGE, making the asset less scarce. The website also has an open letter from “Elon” which states the plans for the cryptocurrency.

In the FAQ section of its website, the founder confirms his name is really Elon. However, he doesn’t confirm he is Elon Musk, and it’s extremely unlikely that Musk would create a cryptocurrency without announcing it to the public. This is just one of the many ways Dogelon Mars misleads investors into buying its tokens.

Brief History of Dogelon Mars

Dogelon Mars began trading on Uniswap on April 22, 2021. The token began trading hands at around $0.000000002, and it quickly appreciated to about $0.00000208. In percentage terms, investors who bought Dogelon on April 22 have seen a return of roughly 100,000%. Since then, however, Dogelon Mars has depreciated far below its all-time highs, and has yet to reclaim a bullish bias in 2022.

The tokens were released via an initial DEX offering (IDO). DEXs are decentralized exchanges, meaning they use blockchain technology to power the exchange, rather than a centralized entity like Coinbase or Robinhood. The initial maximum supply is 1 quadrillion tokens, so don’t expect the cryptocurrency to reach anywhere near $1 any time soon. 

Similar to Shiba Inu, Dogelon Mars sent half its supply (500 trillion tokens) to Ethereum founder Vitalik Buterin. While it’s unlikely Buterin will ever sell his Dogelon, this still presents risk for the coin. If Vitalik Buterin were to sell his position, the asset would drop in price radically. Buterin actually sent more than $1 billion of Shiba Inu tokens to a crypto charity supporting India when it was suffering from a terrifying COVID-19 outbreak. This gave the token a ton of publicity but was also bad for its price because the charity had to sell it to actually use the funds. There is a chance Buterin does something similar with Dogelon Mars but it seems like he would have done it already if was going to.

The other half of the tokens were sent to Uniswap’s DEX to provide liquidity for traders. This way, the market can decide the price of Dogelon Mars without any influence from the team itself. However, with the price of the token appreciating so quickly, it's likely that early investors could manipulate the price if they own large enough positions.

  1. Open an online account.

    It's often not easy to learn how to buy small coins like Dogelon mars but surprisingly one of the best exchanges in the world offers it. The most accessible place to buy Dogelon Mars tokens is Crypto.com.

    Creating an account with Crypto.com is easy. Simply provide an email address and set a password, and you’ll have a cryptocurrency exchange account. If you’re based in the United States, you’ll need to provide additional information such as your Social Security number, driver’s license and home address. This is because of the U.S. Securities and Exchange Commision (SEC) Know Your Consumer (KYC) regulations, which require exchanges to provide investor information to regulators.

  2. Buy or download a wallet.

    If you want to store your cryptocurrency in the safest possible way, you should consider purchasing a hardware wallet. Hardware wallets are physical devices that store cryptocurrency offline, making it inaccessible to hackers. 

  3. Make your purchase.

    Once you've setup your Gemini account, you'll be able to transfer fiat into the crypto ecosystem. Before making a purchase, make sure to analyze all the risks and do the proper amount of due diligence.

Best Crypto Wallets For Dogelon Mars 

Learning how to buy Dogelon Mars is the hard part but you still should learn how to store it and other cryptocurrencies safely. The best way to do this is to get a secure personal crypto wallet. Here are a few of the best options on the market.

Ellipal
Best For
  • Binance Tokens
securely through Ellipal's website

Best Hardware Wallet: Ellipal Titan

The Ellipal Titan is one of the most advanced hardware wallets on the market. The hardware wallet is shaped like a smartphone, offering a large touchscreen display for you to easily track your cryptocurrency portfolio on. The wallet supports over 7,000 different cryptocurrencies, so it's unlikely you'll ever need another wallet.

While the Ellipal Titan comes in at a higher price than its competitors, the company is currently offering a $30 discount on its wallet. This makes the hardware wallet comparable to other premium cryptocurrency wallets, and the Ellipal Titan offers more premium features than any other crypto wallet on the market.

Coinbase
Best For
  • Coinbase Learn
securely through Coinbase's website

Best Software Wallet: Coinbase Wallet

While Metamask is the best software wallet to use with Uniswap, Coinbase Wallet offers more features that make it a better overall storage solution. Coinbase Wallet lets you store several cryptocurrencies, including any ERC-20 tokens. You can also convert your crypto directly from the wallet, but you’ll need to pay blockchain transaction fees, which have been increasing as of late.

Fast Track Your Purchase With Dharma

To many, using a decentralized exchange can be intimidating. These applications can be hard to navigate, and it involves sending cryptocurrencies between different wallets to complete your transaction. Dharma is a mobile app for iOS and Android that makes buying cryptocurrency from decentralized exchanges easy. Simply download the app, fund your account, and you’re ready to invest in any cryptocurrencies available on decentralized exchanges. No need to transfer your funds across wallets –– you can complete the entire transaction through Dharma’s mobile app!

Trade, Sell or Convert your Dogelon Mars Tokens

Learning how to close your position is just as important as learning how to buy Dogelon Mars. You probably won’t want to day trade your Dogelon Mars token, as you’d be required to pay high transaction fees for each swap. Uniswap is working on integrating Optimism, an Ethereum scaling solution, in order to drastically reduce the trading fees. 

Until then, you’re better off holding your Dogelon Mars tokens until you’re ready to take profits. Once you are ready to sell your tokens you should probably use Gemini as it is the best U.S. centralized exchange that offers it. Uniswap is also an option but it can be much more expensive.

Current Crypto Prices

Cryptocurrencies trade 24 hours a day, 7 days a week. Not only do digital asset markets never close, but they're more volatile than traditional investments like equities and real estate. This is especially the case for coins based on memes, as the value is derived by speculation and community. To mitigate risk in the crypto markets, looks for high market cap coins with strong support and fundamentals. Check out our table below for real-time cryptocurrency prices.

Is Dogelon Mars a Good Investment?

Fundamentally, Dogelon Mars is a terrible investment. There’s no product offering, no benefit over other more established cryptocurrencies, and the founder seems to be impersonating Elon Musk. This doesn't mean you can't make money trading it, however. Volatility often goes both ways, making it easy to make money if you are lucky enough just like it's easy to lose money when the hype dies.

With the price of Dogelon Mars already up more than 1,000% since inception, Dogelon Mars is an incredibly high-risk investment.

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