Elon Musk-Inspired Meme Coin Whiplashes From 20x Increase to 95% Decrease in Past 36 Hours
As most cryptocurrency “holders” are used to the volatility in the crypto trading space, the recently released Elonomics ($ELONOM) meme coin has seen the highest market movements over the past 36 hours, more than any other Twitter storm inspired by its inspiring namesake related to Elon Musk.
It should also be worth noting that Musk did not find any direct connection with this project. Needless to say, the highs and lows of the currency in the last one and a half days are worth noticing.
To recap the chart, as of Monday, November 8, ELONOM was stable at $ 3.49 per coin, then exploded more than $77 in the next 20 minutes which is 21x growth. It jumps in five hours and increases to more than $20 for more than a day. At 12:04 this morning, the meme token rose 28% to $38 – following a 95 percent pullback in its value in six minutes to $1.83.
Today the price has returned to more than $4 per token and is stable. There are no clear trading volume spikes or whale sales or news to explain such malicious whipsaw fluctuations. Although ELONOM is an elastic supply token that doubles the price action, thus making it easier to fluctuate.
The ELONOM meme token is an elastic supply or rebase token that is programmed to automatically increase or decrease the total circulating supply amount based on price changes to maintain a predetermined price to the supply ratio. As prices rise or fall, the supply of wallets changes proportionately to maintain the status quo. The algorithm is creepy and still under development, causing these intuitive overcorrections.
Until the programming for this meme coin is straightened out, ELONOM Holders can be considered a more relaxing activity such as juggling live chainsaws.