Another day, another dog coin it seems. We’ve seen the success of Dogecoin and Shiba Inu, and now there's Dogelon Mars (ELON). Although the coin’s name includes the first name of Elon Musk, the coin has no ties with the Tesla founder. The Dogelon Mars coin was recently listed on Crypto.com, giving potential buyers a way to invest in the token.
After the news of being listed on Crypto.com, Dogelon Mars soared over 80 percent on Oct. 29. It has a 24-hour trading volume of over $366 million, and people have shown significant interest in the coin. But is it just another meme token?
What is Dogelon Mars?
Launched in May 2021, Dogelon Mars (ELON) was originally thought of as another meme token, with a name similar to dog-themed coins such as Shiba Inu (SHIB), Dogecoin (DOGE), Kishu Inu (KISHU), and Floki Inu (FLOKI). However, the founders of the ELON coin have much bigger plans, as they want it to be the first interplanetary cryptocurrency and use it for travel to Mars.
The Ethereum-based token was also designed to be charitable to victims of crypto scams and other attacks.
How many ELON tokens are there?
There's a total supply of one quadrillion Dogelon Mars coins. Of that supply, 50 percent is sent to Ethereum co-founder Vitalik Buterin, while the other 50 percent is in a liquidity pool.
Unlike many other cryptocurrencies, Dogelon wasn't offered to private investors or founders before its launch, meaning that no one had early holdings of the coin before it was offered to the public. There's currently a circulating supply of over 550 trillion ELON tokens, according to Dogelon Mars’s website.
Does Vitalik Buterin still own Dogelon Mars?
The Ethereum co-founder gets sent an abundance of cryptocurrencies, especially dog-themed tokens, as his crypto wallet address is publicly known. Cryptocurrency founders in the beginning stages of launching their own token tend to donate their token to Buterin, hoping they get an endorsement from him or to say that he's holding their coin. This trend has led to retail crypto holders sending Buterin crypto as a joke.
Buterin himself had to address the excessive donations, stating in a now-deleted tweet that he doesn’t want to be sent crypto if he hasn’t officially given his pre-approval. Because of the abundance of cryptocurrencies he receives, the programmer tends to either burn or donate the tokens he receives.
When Buterin donates the crypto he receives, he sends it to charities, non-profit organizations, awareness groups, and similar entities, and has donated most of his ELON holdings to charities. A charity organization that has received much of his ELON holdings is the Methuselah Foundation.
The Methuselah Foundation is a biomedical charity that focuses on ways to help humans extend their lifespan through healthy living activities. The foundation controls 43 percent of Dogelon Mars’s supply. The organization will hold the ELON tokens long-term and not sell any for at least a year, with the goal of maximizing the coin’s value and using it to develop activities.
Where to buy ELON coins
The ELON token can be purchased on Crypto.com, and by exchanging Ethereum for it, you can get it on the Uniswap platform. You can buy Ether on your preferred crypto exchange and then connect your wallet address to Uniswap and easily exchange Ether for ELON.