We continuously mention the fact that the meme-coin market is growing rapidly. Yet, we also mention the fact that only some meme-coins have real potential to survive in the volatile cryptocurrency market. The cryptocurrency market is basically survival of the fittest, meaning that only projects with a vision and strong background survive.
Even though we are still early on, things have started to take shape and people are becoming more educated when it comes to cryptocurrencies. Meme-coins have taken us by surprise and nothing seems to be stopping them. Recently, Shiba Inu surpassed Dogecoin, the first meme-coin, and became the 9th biggest cryptocurrency in the world. This was huge for this sector of the crypto market and also affected Dogelon Mars’ market performance.
In the last 30 days, Dogelon Mars has experienced a 1750% increase. Today, it has a trading value of $0.0000016 putting it in the #113th rank in CoinMarketCap.
Although it is still very early to compare it to Shiba Inu or Dogecoin, Dogelon Mars has been dominating the meme-coin market lately. When it hit its October high, Dogelon Mars nearly reached a trading volume of $1 billion, with more than $885 million being traded in just a day. According to CoinMarketCap, Dogelon Mars is the third biggest meme-coin as of right now.
The question of whether Dogelon Mars will ever reach $1 cent cannot be answered that easily. However, whether this token actually reaches that price depends on numerous factors. For example, Shiba Inu would have never reached the price it has today if it did not undergo huge token burns, launch new projects, or market its project tirelessly. For concluding whether Dogelon Mars will reach $1 cent or not, we need to look at its market capitalization, supply, and future plans.
Dogelon Mars Market Capitalization
At the time of writing, Dogelon Mars has a market capitalization of $915 million, just some million short of having a $1 billion market cap. Earlier this month, Dogelon Mars had a market capitalization of $1.43 billion, making it one of the top 100 cryptocurrencies with the biggest market capitalization. When it hit that market cap all-time high, Dogelon Mars reached a price of $0.0000024. That being said, hundreds of billions of dollars must be poured into the market capitalization of Dogelon Mars for it to reach $1 cent with the current tokenomics.
Dogelon Mars Supply
The supply of Dogelon Mars is similar to that of Shiba Inu. Initially, there were 1 quadrillion Dogelon Mars tokens. However, around half of these tokens were sent to Vitalik Buterin’s wallet, an amount that he donated to a charity later on. This means that they were burned forever. Today, Dogelon Mars has a circulating supply of 557 trillion tokens. As mentioned before, for Dogelon Mars to reach $1 cent, the token must reach an approximate market capitalization of $5.57 trillion.
Nevertheless, there are other ways for Dogelon Mars to reach $1 cent. The first one is reducing its supply through burning, making the price of the token deflationary. The second is releasing Dogelon Mars V2, similar to what Safemoon is doing. To do this, they have to reduce the supply while keeping the hodlers unharmed by the change. Please note that this is just an oversimplified explanation of how Dogelon Mars could reach $1 cent.
Conclusion: Will Dogelon Mars Reach $1 Cent?
So, whether Dogelon Mars will reach $1 cent is yet to be seen. However, The team should focus on improving the token and increasing its exposure to new investors. By successfully listing it in exchanges such as Coinbase, Bybit, or Binance, Dogelon Mars is likely to become more credible in the eyes of investors. Moreover, the influence that the listing of Shiba Inu had on Shiba Inu’s price was very positive.
We believe that Dogelon Mars may reach $1 cent if its tokenomics are improved in one way or the other. However, we think that reaching such a price with the current tokenomics might be impossible in the short term.
Also Read: Dogelon Mars (ELON) Price Prediction 2022 and Beyond – Can ELON Eventually Hit $1?
Takeaways
- The meme-coin sector of the crypto market has been growing rapidly.
- Dogelon Mars’ recent increase led to it becoming one of the top 100 cryptocurrencies.
- This token has been around enough for it to experience both bearish and bullish markets.
- When taking into consideration its current tokenomics, it is unlikely that Dogelon Mars will hit $1 cent.
- Nevertheless, Dogelon Mars might be able to hit $1 cent with a few tweaks on its tokenomics.