Dogecoin [DOGE] and Shiba Inu [SHIB] were the first meme-coin greats, but now we have a slew of FLOKIs and Elon Musk-inspired dog coins as well. However, before dismissing Dogelon Mars [ELON], one should definitely pay heed to a recent update from the crypto sector’s meme coin side.
You “must” be aware of this.
Huobi Global announces the addition of Dogelon Mars [ELON] to its cryptocurrency exchange. After that, it was a crazy dog party, as one could anticipate. In addition, Dogelon Mars commemorated the news with a work of art.
While ELON deposits were open at the time of publication, withdrawals are set to begin on Christmas Day, and spot trading for ELON/USDT will begin after sufficient deposits are received.
It’s safe to say that Dogelon Mars reacted positively to the news. In reality, ELON gained 36.53 percent in 24 hours, reaching a price of $0.000001764 at press time. It was also the #95 largest cryptocurrency by market cap at the time.
Take a big whiff of this.
Many cryptocurrency investors may be wondering, “Why this dog coin?” The solution is straightforward. The people voted in favor of it. ELON received more than 54 percent of the votes cast in a Huobi Twitter poll, with 748,011 votes cast. Meanwhile, PEOPLE by Constitution DAO came in second.
Without the poll, it’s more difficult to explain the basis for ELON’s inclusion — other from the community, of course. To put this in context, Dogelon Mars did well in October of this year, increasing by 4102 percent. Granted, it only fell 18% in November, but analytics revealed that early investors were departing even back then. Furthermore, Dogelon Mars, like many meme coins, carries a higher risk than other crypto assets.
It’s time to start vetting.
FLOKI, SHIBA, DOGE, and ELON… It’s simple to create a website and launch a token using these keywords and a little imagination. However, the developers of many such ventures are well aware that it is frequently difficult to determine whether meme coin is genuine.
As a result, consumers should be wary of red signs such as illogical tokenomics, a lack of knowledge about the founding team, a shoddy whitepaper, or a confused and furious community that feels duped. Dogs of Elon [DOE], another Musk-inspired cryptocurrency, reportedly increased by 600% in a very short amount of time. Max Maher, a researcher, said that this particular cryptocurrency “lied” to users.