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Dogelon Mars (ELON-USD) is another meme coin that investors might currently be interested in. Dogelon Mars is one of several dog-inspired meme coins that blew up following the emergence of Dogecoin (DOGE-USD).
Dogecoin itself garnered a lot of attention following tweets by Tesla (NASDAQ:TSLA) CEO Elon Musk. It also featured on the long-running comedy series Saturday Night Live and showed the power that Musk has in the crypto industry. Dogelon Mars launched April 23, 2021, and looked to play off of Dogecoin’s success and Elon Musk’s vision to colonize Mars.
The project is built upon the Ethereum (ETH-USD) blockchain. But look beyond that, and you won’t find very much in the project that makes much sense.
The project hopes to achieve vague goals, including becoming the first intergalactic currency for space colonizers. That isn’t a joke, that’s actual text from the project website. In short, Dogelon Mars isn’t a cryptocurrency that technical enthusiasts are likely to support.
But that doesn’t mean it can’t increase in price.
Given that Elon Musk has agreed to purchase Twitter (NYSE:TWTR) there’s reason to believe that Dogelon Mars will be volatile in the short term. If that sounds like a tenuous connection, that’s because it is. But that’s the nature of mean coins: Their price moves on news related to influencers. So, when Elon Musk bought Twitter, the project received a shot in the arm.
Does that mean you should go out and buy Dogelon Mars? I would say no.
There was a little utility to the project, it seems to have been built based on the name of Elon Musk, the success of Dogecoin and Elon Musk’s vision to send people to Mars.
But the project, which aspires to be an intergalactic currency, makes little sense.
The idea that it will serve as some form of currency if and when people populate planets other than Earth is very strange indeed. In short, the project is related to Twitter and Dogecoin, but only in a very tenuous way. The funny thing is history has shown that these sorts of connections can lead to dramatic price increases.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.