Are you looking to expand your crypto portfolio beyond stalwarts like Bitcoin and Ethereum? Do you want exposure to the red-hot meme coin segment of the market? If so, Dogelon Mars (ELON) may be the perfect addition for 2023.
In this comprehensive guide, I‘ll give you all the background, statistics, and step-by-step instructions you need to start investing in ELON like a pro.
Why Buy ELON in 2023?
Before we dig into the buying process, let‘s look at why ELON is worth considering:
Massive growth potential – Though risky, meme coins can deliver staggering returns. ELON already surged over 5000% in 2021. With more adoption, similar gains could be ahead.
Innovative roadmap – The project aims to build a Mars colony economy backed by ELON. This could drive speculative mania and token utility.
Engaged community – ELON boasts over 300,000 Twitter followers and an active Discord. The "Dogelon Army" promotes awareness.
Major exchange listing – Getting added to an exchange like Binance or Coinbase could trigger massive exposure and investment.
Increased meme coin interest – Celebrities like Elon Musk frequently pump meme coins, which brings floods of new capital.
Let‘s take a deeper look at the project so you understand the real potential of ELON…
Digging Into Dogelon Mars
Dogelon Mars is an ERC-20 token that forked from the code of Dogecoin, the popular meme coin that gained worldwide recognition in 2021.
ELON distinguishes itself with an outlandish backstory about the "Dogelon" civilization teaming up with Elon Musk to colonize Mars. Here are some key details:
Total Supply: 1 quadrillion tokens
Current Circulating Supply: 548 trillion ELON
Token Distribution: 50% sent to Vitalik Buterin, 50% locked in Uniswap liquidity
All-Time High: $0.00000137 on April 29, 2021
The project‘s goals go far beyond humor and memes, however. The developers envision creating an entire Mars economy fueled by ELON.
Some potential use cases highlighted in their litepaper include:
- Funding a literal Mars colony
- Creating NFTs to represent land/assets on Mars
- Integrating with future Metaverse environments
- Enabling purchases between Mars inhabitants
- Facilitating transactions for interplanetary commerce
Meme coins are speculative by nature, but ELON has robust plans to move beyond just being "another Dogecoin." The dev team has delivered on milestones like code audits, staking, and token burns.
As the vision comes together, ELON could transition from a fringe meme coin to the currency of an emerging Mars metaverse.
ELON Price Action and Market Performance
Given its ambitious roadmap, ELON has unsurprisingly seen wild price action since its launch:
|April 2022 (ATH)||$0.00000137||1,370,000%|
Figure 1: ELON Percentage Gains Since Launch
Despite crashing from its all-time high, those who got in early still sit on astronomical returns. According to CoinMarketCap data, ELON has:
- Traded over $7 billion in volume since inception
- Peaked at a $1.3 billion market cap at the April 2021 top
- Currently sits around a $200 million market cap after drawdown
For holders who weathered the drop, the next meme coin hype cycle could drive prices back toward the previous peak.
Some statistics on community growth and engagement:
- 320,000 Twitter followers
- 150,000 subreddit members
- 55,000 Discord members
- 490 GitHub contributors
This level of developer and fan involvement is impressive for such a young project. The community will likely continue spreading awareness and promoting ELON adoption.
How Does ELON Compare to Other Meme Coins?
Let‘s see how ELON stacks up against its biggest competitors:
|Max Supply||Unlimited||1 quadrillion||1 quadrillion|
|Market Cap Rank||8||13||257|
|Social Media Followers||2 million||1 million||300,000|
Figure 2: Meme Coin Comparison Stats
While less established than DOGE or SHIB, ELON has rapidly grown its community and delivered huge ROI for early adopters. Its supply and structure mirrors SHIB, signaling similar multimillion percent breakout potential.
Storing ELON Safely
Because ELON is built on the Ethereum network, it is best stored in an ERC-20 compatible wallet. This gives you full control over your investment versus keeping it on an exchange.
Some top options for non-custodial ELON storage:
Hardware Wallets – Ledger, Trezor, etc. Provide offline storage for maximum security.
Mobile Wallets – Trust Wallet, Coinbase Wallet, etc. Convenient access with relatively high security.
Desktop Wallets – Metamask, MyEtherWallet, etc. Compatible with Ethereum DApps and DeFi.
Make sure to always keep your recovery phrase or private keys safe. The only way to access a non-custodial wallet is via the unique seed.
For long-term meme coin holdings, a hardware wallet like the Ledger Nano X provides excellent security with support for thousands of cryptocurrencies.
Future Price Predictions and Outlook
Given the extreme volatility, predicting future valuations for meme coins seems futile. However, some potential catalysts could drive massive growth for ELON if they materialize:
Coinbase/Binance Listing – Getting added to top exchanges exposes assets to millions of new investors. It typically results in a near-term price surge.
Celebrity Endorsement – Influential figures like Elon Musk have pumped meme coins with a single tweet. Similar social media promotion could ignite renewed hype.
Macro Trends – Meme coins tend to move in sync with the overall crypto market. A rising tide could lift ELON back toward its all-time high.
Metaverse Development – If the team delivers on metaverse and gaming integrations, it may substantially expand real-world utility.
With the right conditions, I see ELON potentially eating another zero and reaching $0.00001+ in 2023.
Key Risks and Challenges
Of course, ELON isn‘t without risks. Meme coin investing comes with plenty of hazards:
Extreme volatility makes timing entries/exits difficult
Lack of use cases leaves price dependent on hype
Weak tokenomics could lead to inflationary price declines
Development delays or team issues could erode community faith
Competing meme coins may seize market share
Regulatory crackdowns could hit speculative assets hardest
As a newer project, ELON doesn‘t have the proven staying power of an asset like Bitcoin. Investing requires accepting the possibility of complete loss. Only bet what you can afford to lose.
Now let‘s walk through acquiring some ELON for your portfolio…
Step-by-Step Guide to Buying ELON
Buying ELON takes just a few simple steps:
Step 1) Get an ERC-20 Compatible Wallet
Because ELON is an Ethereum-based token, you‘ll need an Ethereum-compatible wallet like MetaMask or Trust Wallet to hold it.
I recommend Trust Wallet for beginners thanks to its intuitive mobile app.
To set it up:
Install the Trust Wallet mobile app on iOS or Android.
Create a new wallet and securely record your 12-word recovery phrase.
Verify your recovery phrase.
Confirm your desired privacy settings.
Your wallet will now be ready to deposit and manage ELON.
Never share your Trust Wallet recovery phrase with anyone – it gives full access to your funds!
Step 2) Buy Ethereum (ETH)
To exchange for ELON, you‘ll first need to acquire some Ethereum (ETH).
The easiest way is through a centralized exchange like Binance, Coinbase, or Crypto.com.
I recommend Binance for low fees and advanced trading options. To buy ETH on Binance:
Register for a Binance account.
Complete identity verification (requires photo ID).
Deposit USD, EUR, or other currency via bank transfer or debit/credit card.
Use the Trade menu to buy ETH with your deposited funds.
Withdraw your ETH to your Trust Wallet address.
Remember to use proper security measures like two-factor authentication on your Binance account.
Step 3) Connect Trust Wallet to Uniswap
With ETH in your wallet, it‘s time to connect to a decentralized exchange to swap for ELON.
We‘ll use Uniswap, which lets you easily exchange ETH for Ethereum-based tokens like ELON.
To connect Trust Wallet:
Open Trust Wallet and ensure you have ETH in your wallet.
Enable the browser in Trust Wallet‘s settings.
Open the browser and connect to app.uniswap.org.
Click "Connect Wallet" and select Trust Wallet.
You‘ll then be able to trade directly through your wallet.
Step 4) Swap ETH for ELON on Uniswap
Once connected, it‘s just two steps to exchange your ETH for ELON:
Select ELON as the token you want to swap to. You can paste the contract address or search for it.
Enter the amount of ETH you want to exchange and preview the trade details.
If everything looks right, click "Swap" to complete the exchange.
After a few minutes, your exchanged ELON should show in your Trust Wallet balance!
Step 5) Manage and Secure Your ELON
With ELON in your wallet, some tips for what to do next:
For long-term holds, transfer the tokens to a hardware wallet for enhanced security.
Stake your ELON on supporting platforms to earn passive income.
Closely track announcements and developer updates from the Dogelon Mars team.
Engage on social media and community channels like Discord to stay in the loop.
Dollar cost average buy more ELON to lower your average entry price.
Take profits on big pumps if you have short-term price targets.
And that covers everything you need to start buying and holding ELON like an expert!
While meme coin investing comes with plenty of risks, the potential upside of tokens like ELON makes them enticing speculative plays.
Just remember to only invest responsibly within your risk tolerance. Consider allocating a portion of your portfolio to ELON as a high-risk, high-reward lottery ticket.
Here‘s to hoping you pick a winning meme coin and seize those multimillion percent gains! Maybe I‘ll see you on Mars when the ELON economy takes off!