The post How to Buy Dogelon Mars (ELON) by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.
Want to skip straight to the answer? You can buy Dogelon Mars on Uniswap with Ethereum from eToro!
Whoever said it was hard to become a millionaire clearly never made their own dog-themed cryptocurrency. Seemingly every cryptocurrency with references to Elon Musk or Dogecoin has appreciated in value, and cryptocurrencies like Dogelon, DOGE, Shiba Inu and Akita Inu have well surpassed billion dollar market capitalizations.
While these tokens can provide radical returns to early investors, the price action is purely speculation. These tokens haven’t released any viable products, and more established cryptocurrencies should outcompete these meme cryptos in the long run.
Contents
What is Dogelon Mars?
Dogelon Mars is a cryptocurrency based on Ethereum’s blockchain using the ERC-20 token standard. The ERC-20 token standard is used by most fungible tokens on Ethereum’s network, including Uniswap, Chainlink and Aave. Ethereum’s network also secures the vast majority of non-fungible tokens on its network, using the ERC-721 token standard.
Although Dogelon Mars’ website promises radical developments, such as being the interplanetary currency, the company has yet to develop a viable product to make Dogelon into a viable currency. Because Ethereum transaction fees are so high, investors would need to spend several dollars just to send the token to another wallet, making it a poor choice for an interplanetary payment system.
According to Dogelon Mars’ website, Dogelon is a fork of Dogecoin. However, the token has a much larger maximum supply than DOGE, making the asset less scarce. The website also has an open letter from “Elon” which states the plans for the cryptocurrency.
In the FAQ section of its website, the founder confirms his name is really Elon. However, he doesn’t confirm he is Elon Musk, and it’s extremely unlikely that Musk would create a cryptocurrency without announcing it to the public. This is just one of the many ways Dogelon Mars misleads investors into buying its tokens.
Brief History of Dogelon Mars
Dogelon Mars began trading on Uniswap on April 22, 2021. The token began trading hands at around $0.000000002, and it quickly appreciated to about $0.00000208. In percentage terms, investors who bought Dogelon on April 22 have seen a return of roughly 100,000%. Since then, however, Dogelon Mars has depreciated far below its all-time highs, and has yet to reclaim a bullish bias in 2022.
The tokens were released via an initial DEX offering (IDO). DEXs are decentralized exchanges, meaning they use blockchain technology to power the exchange, rather than a centralized entity like Coinbase or Robinhood. The initial maximum supply is 1 quadrillion tokens, so don’t expect the cryptocurrency to reach anywhere near $1 any time soon.
Similar to Shiba Inu, Dogelon Mars sent half its supply (500 trillion tokens) to Ethereum founder Vitalik Buterin. While it’s unlikely Buterin will ever sell his Dogelon, this still presents risk for the coin. If Vitalik Buterin were to sell his position, the asset would drop in price radically.
The other half of the tokens were sent to Uniswap’s DEX to provide liquidity for traders. This way, the market can decide the price of Dogelon Mars without any influence from the team itself. However, with the price of the token appreciating so quickly, it’s likely that early investors could manipulate the price if they own large enough positions.
- Open an online account.
The most accessible place to buy Dogelon Mars tokens is Uniswap. To use Uniswap, you’ll need Ethereum tokens and an Ethereum wallet that can connect to Uniswap’s website. If you don’t have a cryptocurrency account to buy Ethereum on, you should consider Coinbase, WeBull and Gemini. Alternatively, you can purchase Dogelon Mars directly from Crypto.com.
Creating an account with these platforms is easy. Simply provide an email address and set a password, and you’ll have a cryptocurrency exchange account. If you’re based in the United States, you’ll need to provide additional information such as your Social Security number, driver’s license and home address. This is because of the U.S. Securities and Exchange Commision (SEC) Know Your Consumer (KYC) regulations, which require exchanges to provide investor information to regulators.
- Buy or download a wallet.
In order to use Uniswap, you’ll need a software wallet for Ethereum. The best wallet to use with Uniswap is Metamask because it has a Google Chrome extension feature that makes it easy to interact with decentralized Finance (DeFi) programs.
If you want to store your cryptocurrency in the safest possible way, you should consider purchasing a hardware wallet. Hardware wallets are physical devices that store cryptocurrency offline, making it inaccessible to hackers.
- Make your purchase.
Before making your purchase, you should consider the fees associated with purchasing Dogelon Mars. Because the token uses Ethereum’s network, you’ll need to pay high transaction fees (called gas) to transact on Ethereum’s blockchain.
You’ll also need to pay a transaction fee to send your Ether tokens to your crypto wallet, and then again to swap your Ether tokens on Uniswap. At the current rates, expect to pay over $100 in transaction fees to buy Dogelon.
After you’ve sent your tokens to your Metamask wallet, Uniswap will recognize the funds in your account. You can search for the Dogelon Mars liquidity pool on Uniswap and easily swap your Ether tokens for Dogelon Mars.
Best Crypto Wallets For Dogelon Mars
Best Hardware Wallet: Ellipal Titan
The Ellipal Titan is one of the most advanced hardware wallets on the market. The hardware wallet is shaped like a smartphone, offering a large touchscreen display for you to easily track your cryptocurrency portfolio on. The wallet supports over 7,000 different cryptocurrencies, so it’s unlikely you’ll ever need another wallet.
While the Ellipal Titan comes in at a higher price than its competitors, the company is currently offering a $30 discount on its wallet. This makes the hardware wallet comparable to other premium cryptocurrency wallets, and the Ellipal Titan offers more premium features than any other crypto wallet on the market.
Best Software Wallet: Coinbase Wallet
While Metamask is the best software wallet to use with Uniswap, Coinbase Wallet offers more features that make it a better overall storage solution. Coinbase Wallet lets you store several cryptocurrencies, including any ERC-20 tokens. You can also convert your crypto directly from the wallet, but you’ll need to pay blockchain transaction fees, which have been increasing as of late.
Fast Track Your Purchase With Dharma
To many, using a decentralized exchange can be intimidating. These applications can be hard to navigate, and it involves sending cryptocurrencies between different wallets to complete your transaction. Dharma is a mobile app for iOS and Android that makes buying cryptocurrency from decentralized exchanges easy. Simply download the app, fund your account, and you’re ready to invest in any cryptocurrencies available on decentralized exchanges. No need to transfer your funds across wallets –– you can complete the entire transaction through Dharma’s mobile app!
Dharma is a mobile application that makes interacting with decentralized applications on Ethereum’s network easier than ever before. You can fund your account with a debit card, unlike any other Ethereum Wallet. By seamlessly connecting your wallet to decentralized applications, you can start earning interest on your cryptocurrency within minutes. Sign up today to get access to trade over 70,000 altcoins.
- Those looking to immediately purchase crypto with fiat (USD)
- Those looking to purchase altcoins, memecoins, etc.
- Those looking to immediate price action to a long list of tokens
- Users can buy crypto directly from bank accounts
- Only takes 5-10 minutes to begin buying crypto from fiat
- No network fee trading on Polygon
- Does not support some major tokens (Bitcoin, Litecoin, etc)
Trade, Sell or Convert your Dogelon Mars Tokens
You probably won’t want to day trade your Dogelon Mars token, as you’d be required to pay high transaction fees for each swap. Uniswap is working on integrating Optimism, an Ethereum scaling solution, in order to drastically reduce the trading fees.
Until then, you’re better off holding your Dogelon Mars tokens until you’re ready to take profits.
Current Crypto Prices
Cryptocurrencies trade 24 hours a day, 7 days a week. Not only do digital asset markets never close, but they’re more volatile than traditional investments like equities and real estate. This is especially the case for coins based on memes, as the value is derived by speculation and community. To mitigate risk in the crypto markets, looks for high market cap coins with strong support and fundamentals. Check out our table below for real-time cryptocurrency prices.
Is Dogelon Mars a Good Investment?
Fundamentally, Dogelon Mars is a terrible investment. There’s no product offering, no benefit over other more established cryptocurrencies, and the founder seems to be impersonating Elon Musk.
With the price of Dogelon Mars already up more than 1,000% since inception, Dogelon Mars is an incredibly high-risk investment.
The post How to Buy Dogelon Mars (ELON) by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.
Source: https://www.benzinga.com/money/how-to-buy-dogelon-mars-elon/
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