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Dogelon Classic (ELONC) – Price analysis and forecast

Dogelon Classic (ELONC) – Price Analysis and Forecast

Dogelon Classic (ELONC) was launched in August 2022. It is the native token of the Dogelon Classic ecosystem.

Interestingly, Dogelon Classic brought all the attractive features of Dogelon Mars to the ETC blockchain.

This cryptocurrency was created by a group that consisted of blockchain developers, business developers, and other contributors.

As stated earlier, Dogelon Classic is related to Dogelon Mars. So, it is a good idea to take a closer look at Dogelon Mars as well.

The goal of Dogelon Mars is to create an “intergalactic currency” for future space colonizers.

As you may know, there is no shortage of dog-themed memecoin projects, and Dogecoin Mars is one of them. It rose to prominence in 2021, following the success of Shiba Inu and Dogecoin.

What’s interesting, this cryptocurrency claims loftier ambitions compared to other memecoin projects. Its goal is to create an “intergalactic currency” that future space colonizers can use on Mars and beyond.

The chance that future space colonizers will use Dogelon Mars is quite low. Its primary token, ELON, has few real-world uses as of April 2023. Besides, some of this memecoin project’s goals are clearly meant to be tongue-in-cheek.

It is hard to say for sure who is behind Dogelon Mars. As in the case of its more established cuisines, the founders of the above-mentioned memecoin project are unknown.

Dogelon Mars and its History

The above-mentioned cryptocurrency was launched in 2021. As mentioned earlier, the information about the founders is unavailable.

What you also won’t be able to find is its white paper. Yes, Dogelon Mars doesn’t have white paper.

In terms of utility, there is nothing that separates the above-mentioned cryptocurrency from other cryptocurrencies.

You can buy Dogelon Mars, sell it, and send it to crypto wallets; however, that is the case with practically every digital currency.

Still, Dogelon Mars isn’t an ordinary cryptocurrency. Developers of this cryptocurrency aimed to create a fair currency. So, the developers of Dogelon Mars didn’t hold a presale or keep tokens themselves.

Developers and Vitalik Buterin

The starting supply of the memecoin project mentioned above was 1 quadrillion ELON tokens. Developers made an unusual decision. They sent half of 1 quadrillion token to Vitalik Buterin, Ethereum’s co-founder.

Vitalik Buterin’s decision is praiseworthy. Ethereum’s co-founder donated about 43% of the tokens to the Methuselah Foundation, a non-commercial organization focused on extending human longevity. What’s important is that the Methuselah Foundation pledged in May 2021 not to sell any of those tokens for at least one year.

The developers of Dogelon Mars deposited the rest of the tokens in a liquidity pool on Uniswap. It is worth noting that developers also deposited 40 ETH in the liquidity pool. Do you know what they did next?

Developers then destroyed the liquidity provider tokens they received so they could neither retract the tokens nor collect any of Uniswap’s liquidity rewards.

Their decision to burn the liquidity provider tokens is also praiseworthy. By burning the tokens, they demonstrated that they weren’t going to commit a rug pull. As a reminder, a rug pull is a crypto scam.

How does it work? Let’s find out!

Developers artificially increase the value of their cryptocurrency. Then, they take out as much as they can. Finally, they simply abandon the project. However, the founders of Dogelon Mars won’t be able to do the same.

How Dogelon Mars works

It is noteworthy that Dogelon Mars is an ERC-20 token built on the Ethereum blockchain. Interestingly, you can get Dogelon Mars on Uniswap.

Moreover, you can trade the above-mentioned cryptocurrency for other cryptocurrencies on Uniswap.

The vast majority of holders simply save Dogelon Mars in a blockchain wallet. Importantly, there are holders who donate tokens to victims of crypto scams in order to help fulfill the community’s mission.

As stated earlier, there are thousands of cryptocurrencies in circulation. Besides, it is quite hard to compete with the most popular cryptocurrencies.

We also need to discuss one important topic. The problem with the above-mentioned cryptocurrency is that Dogelon Mars never answers one very important question: What is the point?

Dogelon Mars is indistinguishable from every other meme token.

It was envisioned as an “intergalactic currency” that future space colonizers would use one day. As stated earlier, its unique purpose is to be an interplanetary currency, meaning there is no actual use for it.

Let’s be honest; it is quite hard to use it as a payment method.

Its name is also problematic. Yes, cryptocurrencies with funny names can have some initial success. However, most of them failed to gain popularity among the general public. Besides, most investors aren’t interested in such cryptocurrencies.

Let’s get back to Dogelon Classic.

It is possible to trade ELONC tokens on decentralized exchanges. At the moment, the most popular exchange to buy and trade Dogelon Classic is Hebeswap.

The price of Dogelon Classic was always quite low. There are numerous cryptocurrencies that are more attractive to investors. It isn’t the best idea to invest in Dogelon Classic when you can invest in far more promising cryptocurrencies.

The post Dogelon Classic (ELONC) – Price analysis and forecast appeared first on FinanceBrokerage.

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