ELON Origin Story and Guide

Coin: Dogelon Mars
Ticker: ELON
Date Deployed: Tues Dec 12, 2023

Story Behind the Meme

Dogelon Mars (ELON) is a popular meme coin named as a tribute to both Dogecoin, the original crypto meme coin, and entrepreneur Elon Musk’s vision of colonizing Mars. This imaginative project aims to create an “intergalactic currency” for future space colonizers, with its community setting their sights beyond just the moon. Dogelon Mars combines the playful nature of meme culture with an ambitious vision for the future of space exploration.

The founders of Dogelon Mars took a strategic approach by initially locking 50% of all ELON liquidity in a Uniswap liquidity pool. The other half was donated to Vitalik Buterin, co-founder of Ethereum, who then distributed the donated ELON to various DAOs and foundations. This move not only ensured liquidity but also aligned the project with influential figures in the crypto community, helping to bolster its credibility and reach.

Should ELON Be in Your Portfolio?

Before you decide whether or not to add ELON to your portfolio, click here to scan the contract on Solsniffer. Solsniffer is the number one blockchain intelligence tool to detect security risks on Solana. Security risk analysis on Solana has never been easier, make sure to be aware of potential DeFi wallet scams and other crypto security concerns before investing.

Considerations Before Trading ELON:

Risk Management
Effective risk management is crucial. Assess your risk tolerance and diversify your investments to mitigate potential losses. Consider using stop-loss orders to protect against significant drops. Regularly review and adjust your strategies based on market conditions too. Automated cryptocurrency trading systems and crypto trading bots are helpful to improve your efficiency and manage risks better. Additionally, using a wallet portfolio tracker can help in monitoring your investments and other successful traders’ strategies.

Token Analysis
When you evaluate a token such as ELON, look into ELON’s technology, use case, and team. Review the whitepaper for their goals and roadmap. Also analyze the tokenomics, the community engagement, and use tools like Solsniffer for security assessments. While keeping an eye on crypto intelligence news, it’s also wise to check the memecoin market cap (as it affects perception and potential) and stay updated with cryptocurrency trading analysis tools to make informed decisions.

Trading Strategy
A proper trading strategy contributes to successful trading. Start with setting clear entry and exit points, allocate the specific portfolio percentage you predetermined for such opportunities, and use technical analysis to identify potential future price actions. For those who prefer automated solutions, explore platforms offering algorithmic crypto trading, copy trading, and overall smart money trading solutions and strategies.

How to Scan ELON on Solsniffer

Copy the ELON contract address: 7ZCm8WBN9aLa3o47SoYctU6iLdj7wkGG5SV2hE5CgtD5
Open the Solsniffer website and paste the address in the search bar.
Within seconds, a detailed analysis of ELON on-chain data is generated.
A security score called Snifscore also ranks the project out of 100 to determine the authenticity of the project.

ELON Tokenomics

Total Supply: 1,000,000,000,000,000
Max Supply: 1,000,000,000,000,000
Market cap: $97,052,399

Snifscore Analysis

Snifscore: 75/100
High-risk factors: Three
Medium-risk factors: Two
Low-risk factors: None

Summary of (5) Contract Strong Features

No freeze risk
No transferability risk
Balanced ownership in top 10 wallets
No permanent control risk
Sufficient liquidity confirmed

Is ELON a Scam?

Determining whether ELON is a scam requires careful consideration and vigilance. Even if a coin has been around for a long time, the risk of a slow rug pull is ever-present, as such scams have no definitive end time and are quite difficult to detect if the fraudsters are highly competent. Historically, some coins have been tagged as scams, only to be saved by a community takeover (when members of that token community decides to take over the social media such as X and/or Telegram and actively grow the community because the original creators have left), allowing the project to survive and even thrive. Using a token scanner like Solsniffer can help identify potential red flags in a project.

Risk management is important when trading memecoins like ELON, as memecoins are considered high-risk in general. You have to learn how to spot red flags in crypto social media, on-chain data and even with community communications from the team or its members. Pay attention to the token team transparency, if it gives regular updates, and the overall responsiveness from the development team. Look for inconsistencies or sudden changes in messaging, which can suggest potential issues. Awareness of cryptocurrencies scam patterns and rugpull crypto tactics is also important in avoiding losses. Keeping yourself updated with crypto trading signals can also provide insights into market trends and potential opportunities.

By practicing due diligence and maintaining a cautious approach, you can better navigate the risks associated with investing in ELON and similar tokens. Always consider the best platform to buy cryptocurrency (CEX or DEX) for the best place to trade crypto.