Cryptocurrencies have been known for their volatility, but Dogelon is something way different than other tokens. As the Dogelon community grows with time, its viability and the proposed idea seem a bit far-fetched. Despite its origins being unknown, it is confirmed that Dogelon Mars has been developed as an ERC-20 token using the security offered by Ethereum and Polygon blockchains and comes under a growing category of dog-based meme coins.
Dogelon Mars is completely different from any other meme coins we have witnessed previously. It makes use of short comics about a dog’s arrival in space and its related adventures. Dogecoin is not something very similar to the existing tokenomics. But for a token to survive the competition and evolve, it has to serve a real purpose and provide some advantage that ELON token misses out on.
Dogelon Mars Price Analysis
Let’s get to the price analysis of Dogelon Mars. After gaining over 3000% in 2021, ELON, or the short form of this token, has been struggling to hold on to its gains. Despite a growing community of meme coin supporters, it has dipped by almost 70% in terms of valuation. The current market circulation of ELON tokens is around 55% of its total supply of 1000 billion tokens.
With its price bearing a seven decimal place number, it is close to 1 billion USD market capitalization. But for ELON token to become a competitor to the existing Dogecoin and Shiba Inu, it has to move two decimal places ahead, which means a 100x increase in value. It seems highly unachievable but given the nature of meme coins. However, based on Dogelon Mars price prediction and the current price trend, the ELON token might record considerable recovery.
The immediate resistance of the ELON token is 50% away from the currently traded value. Despite its support and trap woes, there could be a possibility for this token to grow. Investors should verify, research, and scrutinize before entering another meme-based token despite its rumored potential.
