Another weird name for a cryptocurrency, but not just any cryptocurrency, it's most likely Elon Musk's crypto currency. I explain here the genesis of the project and how to get Dogelon!
A play in three acts.
Cryptocurrency and the world of finance are currently witnessing a meteoric financial reversal. Cryptos are dying and others are being born. Welcome to a universe mixing financial assets, meme culture and space conquest.
What is Dogecoin? It's the currency that embodies memes on the internet. The meme is the description of digital humor, trolls, running gags etc. The Dogecoin represents a Shiba Inu, the ambassador dog of the meme. For the past few months, it's been crazy on the side of this cryptocurrency. There have been major fluctuations and 23,433% increase in its value since last year. But its value could be going down forever. A look back at the possible death of Dogecoin and the creation of a new entrant in the woof currency.
Acte 1 — The Dogefather
Dogecoin is the currency that just yesterday totaled $9 billion in capitalization. So much so, that this currency was 4th in terms of total capitalization after Bitcoin and Ethereum. Analysts even believed that Doge would surpass BNB, the crypto from Binance, the largest crypto exchange to date, on which 1 billion is traded daily.
Yet, the Doge is not a very reliable crypto. Jackson Palmer, its creator, even jumped ship in 2014 having removed the supply cap that previously stood at 100 billion tokens. Meanwhile, an additional 10,000 tokens are mined every minute. It is therefore inconceivable that this currency will keep a stable price over time, with each token creation potentially reducing the face value of each token. Moreover, there are 10 wallets that alone contain 44% of all Dogecoin in circulation. That is, one of these large wallets can turn the market around overnight and create a huge drop in value.
Except, the meme community on the web needed a leader. None of the current public figures were up to the task.
At the same time, towards the end of 2020, Elon Musk was discovering crypto-currencies between two rocket launches. For those who still don't know who he is, let's take a quick look at his CV.
Originally from South Africa, Elon Musk is an eccentric multi-billionaire entrepreneur with an estimated fortune of $166 billion USD. He is at the head of a dozen projects whose fame is well known, such as PayPal, Tesla, SpaceX or HyperLoop to name a few.
This man quickly understood the importance of cryptocurrencies in the economy of tomorrow. He is funny and has been a walking meme since he smoked a joint on live radio.
More recently, the entrepreneur has chosen to invest a portion of his Tesla company's capital directly in Bitcoin. As such, Tesla has purchased 1.5 billion Bitcoins. With each Tweet from Elon about cryptos, the market goes up in flames, the Doge has found his master, the memelord Elon. Quickly, it became a gimmick: "To the moon" chants the web of the universe. The objective was to send the Doge's value to the moon, the common denominator was then the growth of the value.
Acte 2 — Kill the Doge
Friday, May 7, 2021. Everything leads us to believe that the Doge is going to do something crazy again. The token has almost doubled its price, 0.50ct€ which is already extremely high for a currency with no use, no basis and whose number of tokens increases organically every minute.
Elon Musk was yesterday the host for an American TV show, Saturday Night Live. While he revealed that he has Asperger's Syndrome on live TV, he was mostly expected to make statements about whether or not he would reengage in Dogecoin.
SNL Elon say Dogecoin “It’s hustler”
What happens when you publicly denigrate a financial asset? It's a direct fall. Purchases continued to pour in, but not enough in the face of the whales' willingness to force a sale. By the time the market finally regulated, Elon's skit had definitely buried Dogecoin.
A general surprise for the savers. It must be said that everyone was expecting a "To the Moon" oriented presentation. Glitter and Falcon9 on the program.
It will be a 20% drop, excluding tax please.
Currently, it still has 70 billion capitalization in Dogecoin. That's a drop of over 20 billion in 48 hours. To maintain the current price, 3.8 billion dollars must be injected per year. It is highly likely that Dogecoin is heading towards a slow decline to zero valuation.
Acte 3 — “I am Dogelon. Dogelon Mars.”
What kind of switch happened during the presentation? The classic Dogecoin is being left behind and a project out of nowhere is making news in the woof currency. We are talking about the Dogelon. A true hybrid project between the Doge and the Shiba. A project carried by a certain Dogelon Mars. With more and more obvious hints. On Mars, on the "Multiple Planet Species" ...
Now, if you look closely at the introductory monologue during the Saterday Night Live, after 1min20, Elon places his new gimmick, one more confirmation, two days after this very explicit tweet.
Twitter Elon Musk
Elon has been talking for a very long time about a humanity with several habitable planets. He has made it his fight, dedicating his life and fortune to space conquest. As evidenced by this article written in 2017 by Elon Musk entitled Making Humans a Multi-Planetary Species.
The Dogelon.io website is completely connected on this topic.
With these elements, it is difficult to think that it is an imposter at the head of the Dogelon, usurping the personality of Musk for malicious purposes. In my opinion, this is a game of chance launched by the multi-billionaire to reward the most daring of his fans. Realizing that Dogecoin is in perdition and subject to speculation, Musk created a new token that meets the same criteria and the first to arrive will also be the first to be served.
As stated in the site's presentation, "Technically, this is just a new branch of Dogecoin."
What if this really is Elon Musk's new crypto?
We'll end this article on the different possibilities that are available to us today. A multi-billionaire serial entrepreneur becomes a living meme and engages a community of crypto enthusiasts ready to change the world. He created his own currency based on the ERC-20 system, the Ethereum blockchain, and is promoting the conquest of space with a common project for humanity: the colonization of a new planet in our solar system, Mars.
If it turns out that this project is not his, the Dogelon still has a bright future ahead of him. Because the assets with a project are often very popular with the community. If it is not Elon the creator of this token, the madness of the web could largely make him reach the planet Mars. Remember, no public figure has yet truly positioned himself as an ambassador for cryptocurrencies, and that hasn't stopped Dogecoin from making 643,246% in 6 years.
With Dogelon, the trading volume in the last 24 hours has reached over $50 million and its capitalization is already over $370 million. The maximum number of tokens available from Dogelon is 1,000,000,000,000,000 ELON coins. The opportunity for Musk to really create what he calls the people's currency.
I recently joined the Dogelon Discord. It seems more and more likely that this is really Elon Musk's token. Here is a screenshot of the Discord moderation.
⚠️ I would like to take this opportunity to point out that these commitments are only for me, it is possible that I am wrong. I do not make investment advice, but I relate events that I have observed and confirmed by my research on the future of cryptocurrency in the world. You are free to use or not the resources I make available here.
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