Is Dogelon Mars (ELON) Coin a Good Investment?

Dogelon Mars or ELON coin is a new addition to the already growing dog-themed coins. It is another dog meme coin that has entered the cryptocurrency market recently.

It is an ERC-20 token on Polygon and Ethereum. It has grown in popularity considerably with around 1 million community followers already.

ELON coin’s market capitalization has already made it rank at 127 out of thousands of available cryptocurrencies.

Let us discuss what is Dogelon Mars coin and is it a good investment for you?

What is Dogelon Mars (ELON) Coin?

Dogelon Mars is another cryptocurrency that is built on Ethereum and polygon. It was introduced in April 2021 and its owners are unknown like many of its predecessors.

Dogelon Mars is a meme coin that is dog-themed. It is closely associated with its predecessor Dogecoin. However, the founders deny any official association with Dogecoin or Elon Musk.

Dogelon Mars (ELON) is built on blockchain technology. It is a relatively newer and appreciating cryptocurrency.

ELON was initially put on sale at the Uniswap exchange in April 2021. Since then, this crypto asset has appreciated in price overall.

ELON is another addition to similar dog-themed cryptocurrencies like Dogecoin, Akita Inu, and Shiba Inu. However, the newcomer is yet to make a mark like its predecessors mainly due to intense competition in the crypto market.

Current Status of the Dogelon Mars (ELON) Coin

Dogelon Mars (ELON) is currently trading at $ 0.00000084 with a price depreciation of 7.45% in the previous 24 hours as of the time of writing this article. The overall price of ELON has appreciated by 18.3% in the previous seven days.

The current trading volume of ELON stands at $17,437,318 for the previous 24 hours. These stats make ELON stand at #127 in thousands of cryptocurrencies available today.

ELON has a total of 554,183.70 billion coins which is around 55% of its maximum supply. ELON’s maximum market supply is capped at 1,000,000,000,000,000 or 1 million billion coins.

See also  Is Forex Trade Profitable? (Beginner Guide)

As things stand, 50% of the total shares of ELON are owned by the owner of Ethereum Vitalik Buterin. The remaining 50% of the coins are available for free trade in different crypto market exchanges.

ELON enjoys a popular social media presence as of now. It has almost 1 million followers on Twitter alone. However, like any other cryptocurrency, ELON is also volatile and prone to investment risks at the moment.

Performance Predictions for Dogelon Mars (ELON) Coin

Since its inception, ELON has performed relatively well. It is still a young and growing cryptocurrency.

Like many of its predecessor dog-themed coins, ELON has also witnessed volatility and instability in its performance. However, it can be expected from any cryptocurrency due to wider economic and external market factors.

Many of the cryptocurrencies remain unstable due to uncertainty of acceptance and legal complications. However, the perceptions are changing rapidly and investors are including crypto assets in their investment portfolios rapidly.

 So, can you expect ELON to reach $ 0.01 soon? Or even $1.0?

In short, not anytime sooner. Remember, it took Bitcoin the most successful cryptocurrency many years to reach the $ 0.01 mark. Further, it took more time to cross the psychological barrier of $ 1.0, $ 100, and then $1,000 before finally skyrocketing.

A conservative estimate of ELON price appreciation is to reach $ 0.01 in the next five to seven years. However, many internal and external market factors would play a crucial role in accelerating or declaration of the coin.

Why You Should Buy Dogelon Mars (ELON) Coin?

At the most conservative level, we can say cryptocurrencies have grown in popularity in the past few years.

In practice, the demand and investment in the crypto market have exploded in recent years. That alone is an indication of the rapid rise of cryptocurrencies which is mainly driven by crypto leaders Bitcoin and Ethereum.

See also  Is the Laser Fund Legitimate? How Does It Work?

ELON is relatively young and new to the crypto market. It has shown good price acceleration in recent months.

Here are a few compelling reasons for you to invest in the ELON coin:

  • It offers good growth prospects in the long run
  • It invites you to join the transformational technology of the blockchain and crypto market
  • Like any other cryptocurrency, it is highly volatile, which for mindful investors offers an opportunity to earn profit with price movements in either direction.
  • Investors can make good fortunes with good planning and execution
  • It is cheaper to invest in ELON coin at present

Why You Should Not Buy Dogelon Mars (ELON) Coin?

Cryptocurrencies are growing in popularity amid resistance and legislative challenges across the world.

Investing in cryptocurrencies and ELON isn’t sans risks. You need to be mindful of the potential risks and threats that a young cryptocurrency offers.

Here are a few key reasons why you should NOT buy ELON coin:

  • It is a relatively young and new cryptocurrency that is yet to make an established mark in the world of digital currencies.
  • Like any other cryptocurrency, it is highly volatile due to instability.
  • It does not offer anything unique as there are already well-established dog-themed cryptos in the market.
  • 50% of ELON coins are held by one party, which for any investment would be highly risky.
  • It requires considerable time to reach a point where it can be accounted for as an established cryptocurrency.

Apart from these factors, investment security is another concern. Investors need to be mindful of protecting their blockchain assets as these are backed by decentralized technology.

Is Dogelon Mars (ELON) Coin Secure?

Digital and cryptocurrencies work on blockchain technology. The decentralized approach of storing these assets is their hallmark advantage.

See also  Is Stellar Lumen a Good Investment in 2022?

At the same time, investors need to be mindful of security reasons. They must carefully store cryptographic keys of their digital assets. Hackers and spammers can crack your decentralized storage as it does not come with institutional protection measures.

Since ELON is relatively newer in the market, spammers may use deceptive tools such as fake ICOs, market manipulation, and doubling scams.

On the other hand, investors must also consider the growth prospects of ELON carefully. It is still unstable and volatile like many of its predecessors.

How to Buy Dogelon Mars (ELON) Coin?

Dogelon Mars coin is a young cryptocurrency. Therefore, it is available on a few crypto markets and exchanges.

The simplest way of buying the ELON coin is through a cryptocurrency exchange or a crypto broker. Currently, you can find ELON at one of the following platforms:

  • KuCoin
  • UniSwap (V2)
  • OKEx
  • Poloniex
  • Gate.io and
  • Crypto.com Exchange.

Like any other asset, you can directly buy ELON from another investor or a cryptocurrency broker known to you.

Is Dogelon Mars (ELON) Coin a Good Investment?

As an investor, you should consider all the risks and rewards of an investment before investing. ELON is another good investment opportunity that offers rewards but isn’t without risks.

ELON coin’s very short history suggests good prospects of growth. However, it will take a few years to reach a substantial price tag of $ 0.01 and further time to reach $ 1.0.

ELON coin is an ERC-20 token that has attracted millions of followers as a loyal community already. Its market capitalization has ranked it at 127 out of thousands of available cryptocurrencies within a short history.

So, evaluate your risk appetite before considering an investment in ELON.

P.S: We do not offer any investment advice. The content is offered for educational and guidance purposes only.