The Dogelon Mars (ELON) cryptocurrency coin spiked in value in late April as its namesake, Tesla founder Elon Musk, attracted headlines for offering to buy social media platform Twitter (TWTR).
The ELON/USD price gained as much as 53% on 20 April and 25% on 25 April 2022. The price has since retreated, however, last closing at $0.0000003509 as of 18 August – 65% lower than its April high.
Is now a good time to buy or go short on the meme-driven cryptocurrency for the best future investment returns? Read on to find out the background to the project, as well as the dogelon price prediction 2030.
Dogelon Mars takes memecoin into DeFi
What is the Dogelon Mars coin? Like other dog-themed memecoins, including Dogecoin, Shiba Inu and Floki Inu, the Dogelon Mars cryptocurrency plays on the popular internet meme based on the Shiba Inu dog, but adds tongue-in-cheek references to Elon Musk and cryptocurrency prices rallying “to the Moon”.
Dogelon Mars was created by an anonymous community of developers to run on the Ethereum and Polygon blockchain networks. ELON launched in April 2021 on the Uniswap decentralised exchange (DEX).
On 23 April 2021, ELON’s developers tweeted that the community agreed to airdrop 734 million ELON tokens to individuals who had lost money on the WOGE token rug pull. A rug pull is when a cryptocurrency project’s developers promote their project and then withdraw all liquidity, sending the price to zero.
On 16 May 2021, the community issued an airdrop of more than 72.7 million tokens following the CUBACOIN rug pull.
The Dogelon Mars project saw over $100m in volume traded within 24 hours on 25 April 2021 amid the launch of its first Dogelon Mars comic non-fungible token (NFT) on the OpenSea marketplace. With cryptocurrency markets rallying in May 2021, ELON reached 50,000 holders by the middle of the month.
My dear community, we are on our way to Mars – together we will reach the stars. You took the crypto world by storm this past Thursday with over $100 million in $ELON volume within 24 hours.
Dogelon Mars (@DogelonMars) April 25, 2021
Dogelon Mars was launched with a maximum supply of one quadrillion coins, 50% of which the founders locked to the Uniswap exchange. They sent the other 50% to Ethereum co-founder Vitalik Buterin, in the same way that the creators of Dogecoin sent DOGE to Buterin’s cryptocurrency wallet. Buterin subsequently burned and donated his DOGE holdings, stating that he did not want the power of holding large amounts of other projects’ coins.
On 25 May 2021, biomedical charity Methuselah Foundation said it had received 43% of the ELON supply in a donation from Buterin. The Foundation said that it “will manage those holdings to maximise the $ELON’s long-term value in order to advance the Foundation’s mission”.
The gift surprised the fast-growing Dogelon Mars community, which had expected Buterin to permanently retain his $ELON holdings – removing them from circulation. The donation raised liquidity concerns for the $ELON, threatening its value.
Dogelon Mars price prediction: What direction will the price trend take?
As of 18 August 2022, technical analysis on ELON from CoinCodex showed that market sentiment was bearish, with 18 indicators showing bearish signals compared with 7 bullish signals. The average directional index was neutral, while both the Hull Moving Average and the Volume-weighted Moving Average (VWMA) indicated to sell. The 100-day and 200-day Simple Moving Averages (MAs), along with the 50-day Exponential Moving Average (EMA) also all pointed towards sell.
CoinCodex’s short-term ELON price prediction was that the coin could rise by 6.85% to $0.000000374937 by 23 August.
For the longer term, algorithm-based forecast website Wallet Investor’s Dogelon Mars price prediction for 2022 was bullish, projecting that the coin could reach $0.000000525 by the end of the year. The website’s ELON coin price prediction for 2025 showed that the token could trade at $0.00000127 by the end of that year, potentially going on to reach $0.00000169 by August 2027.
If you are considering investing in cryptocurrencies, we strongly recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never invest money you cannot afford to lose.