What makes Dogelon Mars unique?
Dogelon Mars launched on April 23, 2021. There's no information available about the founder of the token. It also doesn't have a white paper detailing its purpose or goals.In terms of utility, there's nothing that separates Dogelon Mars from other crypto tokens. You can buy it, sell it, and send it to crypto wallets, but that's the case with practically every digital currency.
There are, however, a few unique things that the Dogelon Mars developers have done. They aimed to create a fair currency, so they didn't hold a presale or keep tokens themselves.
The starting supply for the project was 1 quadrillion ELON tokens. The developers sent half of those crypto tokens to Ethereum co-founder Vitalik Buterin, copying a publicity stunt that was first done by Shiba Inu (SHIB -1.49%). Buterin donated about 43% of the ELON tokens to the Methuselah Foundation, a charity focused on extending human longevity. The foundation pledged in May 2021 not to sell any of those tokens for at least one year and to advance ELON's long-term value.
Developers deposited the other half in a liquidity pool on Uniswap (UNI +25.76%). They also deposited 40 ETH in the liquidity pool, worth about $100,000 at the time. They then burned (destroyed) the liquidity provider tokens they received so that they could neither retract the tokens nor collect any of Uniswap's liquidity rewards, which will just accrue over time.
By burning the liquidity provider tokens, the Dogelon Mars team demonstrated that they weren't going to commit a rug pull, a crypto scam where developers pump up the value of their cryptocurrency, withdraw as much as they can, and abandon the project. The Dogelon Mars founders can't do that because when they deposited their funds into the project, they burned the tokens they received for doing so.
Dogelon Mars presents itself as a project that aims to undo the damage done by crypto scammers. The Dogelon Mars community is encouraged to donate ELON tokens to victims of scams. To their credit, they often do.
Is Dogelon Mars a good investment?
There are a few good rules to follow for cryptocurrency investments. Don't buy into any project that doesn't clearly outline its goals. Don't buy meme tokens. And don't buy anything based on Shiba Inu dogs or Elon Musk.
Dogelon Mars is one of many meme tokens that relies on hype because it has no real utility -- at least, not yet. In the world of crypto, hype can be enough for some short-term price runs, but it's not a recipe for long-term success.
If you want to invest in crypto, there are much better options out there than Dogelon Mars. Look for cryptocurrencies that aim to solve real-world problems, not problems on Mars. If you're looking for something simple, cryptocurrency stocks could be a good way to go.
How to buy Dogelon Mars
For those who want to buy Dogelon Mars, there are a couple of options available. The easiest is to register for an account on one of the crypto exchanges that offer it and then purchase it through the exchange. Here are some major exchanges that have Dogelon Mars:
- Gemini
- Crypto.com
- KuCoin (not available for U.S. residents)
Alternatively, you can trade for it on the decentralized Uniswap exchange. You'll need a crypto wallet with Ethereum to do so.
Cryptocurrencies are known for being volatile and risky. There's no need to make your investment even riskier by choosing a meme token. Dogelon Mars has its supporters, but that's not enough reason to buy it.
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