Dogs of Elon, abbreviated as DOE, can be considered as a new generation of cryptocurrency that has gained much attention recently. This meme-based cryptocurrency gets its name from two pet dogs of Elon Musk, using the influence of this Tesla CEO in the crypto market. Despite its still young age in the seemingly endless list of digital assets, DOE has generated a lot of attention among investors and spectators.
The Dogs of Elon token is built on the Ethereum blockchain as an ERC-20 token, thus facilitating interaction with multiple DeFi platforms and exchanges. To date, the token has 350,243,290 total supplies, mainly focusing on the development of the meme coin, based on the canine theme after the peak of popular tokens related to them.
However, perhaps the most interesting facet of DOE in the most recent period relates to its price movement. The token has been priced at $0.00359 at the time of writing this and has fallen by 39.25% in the following 24 hours. Such fluctuations are not unique to Crypto assets, particularly to new age and low market capitalization assets. Currently, value of Dogs of Elon is $ 1,257,239 which rank it at 2855rd in the ranking of crypto market values.
As we have seen, although the price of DOE has slightly pulled back in the more recent months, trading volume volume remains relatively strong at the present time. For the last one day it has a trading volume of $1,399,150 which puts them at 919 place on daily trading volume list. Given the current market cap of $ 1.62 billion, the volume to market cap ratio stands at 111.29% which perhaps confirming huge demand and liquidation for the token regardless of oscillating prices.
The circulating supply of DOE according to the project’s findings is also 350,243,290, which is its total and maximum supply. This approach in token distribution can be viewed as a positive sign to the prospective investors because the occurrence of future inflation or other token distribution events that may in future adversely influence the value of the tokens will not be a concern.
Like any decentralized meme tokens, the strength of the basic currency of the Dogs of Elon depends on the level of adoption and visibility. The project possibly intents to ride on the back of other Dog related cryptocurrencies that have experienced a great deal of success in recent past like Dogecoin and Shiba Inu. To do this, it links itself with Elon Musk, known for his endorsement of cryptocurrencies most notably, Dogecoin.
But potential investors should be careful with Dogs of Elon. Cryptocurrencies are already well known for their massive volatility, a fact that is especially true for most meme coins are largely driven by trends and endorsements on social media. The project might attract attention because of the connection to Elon Musk’s dogs, however to sustain a successful project the Bao must create a clear and specific purpose of use and keep its members involved.
Let us also note that the market of tokens is already quite crowded, and new tokens are launched constantly. If Dogs of Elon has to make a difference and be part of the future of meme coin or other cryptocurrencies, it has to within some unique features/ usefulness that other meme coins or even other cryptocurrencies do not possess.
Respondents expect project’s website and social media to be relevant for sharing updates regarding the project with the community, attracting new partners, and introducing possible applications for DOE token. Just like with any investment in the new crypto market, it is vital to invest time and conduct research on the project you are willing to fund, whether it is Dogs of Elon.
Thus, Dogs of Elon is just another project that entered the sphere of topics with meme coins, trying to use the success of such cryptocurrencies as the dog-theme and Elon Musk. Though the token shows high volatility in its price trend over the past weeks, the token continues to display high trading volume, suggesting active market participation by traders and investors.
In the unfolding of the project, there are critical aspects most investors want answered that include understanding how the Dogs of Elon will set itself apart from the numerous other meme coins in circulation, and or, whether it holds the capacity and possibility to alter its status from a meme coin to a meaningful and purposeful project. Such new and unpredictable asset should be evaluated taking into account all the connected risks and, of course, nobody should invest more than they don’t want to lose in case the worst will happen in the rapidly changing world of cryptocurrencies.
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