What is Elon Coin, and why is it popular?

The famous billionaire Elon Musk is renowned in the crypto industry for his continued support for the DOGE coin.

Many other memecoins based on the Shiba Inu dog theme have hit the market. Although yet to be profitable, they have shaped strong communities, which makes them popular.

One of the most popular memecoins in the crypto market is Elon coin, also known as Dogelon Mars. If you recently came across the Elon coin because of its hype, you might want to know what it is and why it is gaining popularity among crypto communities. To help you with that, here's everything you need to know about Dogelon Mars. 

What is Elon coin (Dogelon Mars)?

Dogelon Mars is a relatively new addition to the meme tokens genre that launched in 2021. Like most memecoins, including DOGE, SHIB, or FLOKI, the project is inspired by the Shiba Inu theme. It also uses Elon Musk's influence on the crypto market to attract investors.

The project is based on a comic story about the recolonisation of Mars. It revolves around the journey of baby Dogelon and his friends, who are fighting against the Annihilators of the galaxy. The entire story behind the project is available in the form of NFT comics that you can also collect through OpenSea. The crypto itself does not have a particular role in the project. You can only buy it for investment or trading purposes. Surprisingly, even after two years of the coin’s launch, it has no whitepaper. So, no source clarifies the purpose or the mechanism of this crypto. 

What is Elon coin worth?

As of 20 September, 2023, one Elon token was changing hands at only $0.000000135, down by 0.58%. In the brief history of the token, it hit its highest price of $0.00003263 in July 2021. But since then, it has dropped by more than 99%. Meanwhile, the market cap for Dogelons is $73.75 million, and the past 24-hour volume is $2.2 million. 

As per CoinMarketCap’s data, the total supply of the Dogelons is one quadrillion, of which 549.65 trillion are in circulation. 

Why has the Elon coin become so popular?

Even though Elon’s value is not as impressive as one would like, it has become a famous meme token. Here are some of the main reasons behind it.

1.   The token’s name is inspired by Elon Musk

One of the prominent reasons investors hyped it is its name, which establishes its affiliation with Elon Musk. Although the project is not directly related to the billionaire entrepreneur, it leverages his influence on the crypto market. If you are familiar with the crypto market, you would know how Musk's single tweet can spur a price action. Therefore, the project creators have wisely chosen a name that boosts its popularity. 

2.           Shiba Inu-themed branding

Another major part of the project's branding is the Shiba Inu. This theme is behind the popularity of most of the meme tokens as it refers to the dog/Cheems memes. It was first used for DOGE, which set a precedent for other meme tokens.

This is why Dogelon Mars also used it to attract larger audiences. Moreover, the project has used this theme in a unique way, which is by introducing comic strips as NFTs. It has become one of the reasons behind the popularity of the coin. 

3.           Low priced coin

The low price of a coin may not be a sign of a good investment for many. But for others, it's about affordability and fun. Many retail investors who are into buying memecoins consider Elon as an affordable option. They can easily buy Elons in large amounts, hoping their value may increase in the future.

4.           A strong community

Dogelon Mars has a strong community that believes in its potential. The project is present on platforms like X (formerly Twitter) and Telegram. On X, it has more than 445.2K followers; on Telegram, there is a community of around 44,345 members. It suggests that people are keenly interested in the project and are confident about its growth.

Is Elon coin a good investment?

Undoubtedly, the Dogelon Mars project has become a highly admired memecoin project. But still, there might be better options for your investments.

This is for two reasons. Firstly, more information about the project's founders or its purpose is required to be sure about the project's developments. Secondly, the coins do not serve a particular role in the ecosystem, which suggests that their price is unlikely to grow.

The total supply of the token is also huge, which further leaves questions about the coin's price in the future. For these reasons, avoiding any kind of investment in such projects is better.