Why Is Dogelon Mars (ELON) Rising And Will It Continue? – CryptoMode
The cryptocurrency industry has no shortage of meme currencies and dog-themed assets. Combine those two elements, and you get Dogelon Mars, a cryptocurrency borrowing some elements from Dogecoin and the hype Elon Musk generates for it. ELON has had a solid price performance in recent days, and that momentum may not come to an end just yet.
What Is Dogelon Mars?
As most people will not be familiar with this new currency, a brief introduction is required. The backstory of Dogelon Mars can be read at oneś leisure, although it makes for a fun read. The central aspect people care about is tokenomics. Dogelon’s supply, similar to Shiba Inu’s, was cut in half by sending 50% to Vitalik Buterin.
The remaining half is locked permanently in liquidity on UniSwap. That means users will generate no tokens at this time, and the circulating supply is the maximum of what one can obtain. It is a simple solution, yet one that can do wonders for speculators and early investors. However, it remains unclear if ELON will gain any utility through DeFi or other initiatives moving forward.
Thanks to that solid price performance, ELON is now up by over 3,300% in the past 30 days. The bullish momentum seemingly relented a bit, although there are still many people looking to buy. Dogelon has also surpassed the $1 billion market cap, which is rather impressive.
Over 90k Holders
For currencies such as Dogelon Mars, achieving a fair and broad distribution is essential. That may prove difficult when the available supply is locked on Uniswap, although it appears the number of holders increases. Over 90,000 unique addresses hold a fraction of an ELON or a higher amount. That is remarkable, as there were only 80,000 holders just over a day ago.
Purchasing ELON Remains Tricky
For now, you won find ELON on any of the major exchanges, except for OKEx. It is listed on Crypto.com, although users struggle to buy and sell due to daily transaction limits imposed by the platform. Other options include Uniswap V2 – not V3 – Poloniex, Gate.io, or KuCoin.No one knows if Coinbase or Binance will list ELON, although that remains plausible.
Very High Trading Volume
Even though it is a bit tricky to acquire ELON, the currency’s trading volume is more than acceptable. Over $735 million worth of Dogelon Mars changes hands every day. The current progress is impressive for a currency that is up by over 10,000% from its all-time low six months ago. Whether it can achieve figures similar to Shiba Inu remains unclear, but anything is possible in crypto.
Other ways to get STC coin
You can exchange other coins to get STC, using an exchange aggregator is a good way to simplify that process and save both: your time and money.
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