The price of the Elonomics meme-token has been storming for the last 24 hours

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Most cryptocurrency participants are already accustomed to volatility, which can reach 15% up and down waves during the day.

An example of this is the recently released Elonomics meme coin (ELONOM), which has shown sharp market fluctuations over the past 36 hours. Note that Musk has no direct connection with this project.

The chart timeline below shows the highs and lows that have occurred over the last day and a half.

Analyzing the chart, on November 8, ELONOM was stable at $ 3.49 per coin, after which, after 20 minutes, the token rose above $ 77, that is, more than 21 times. Then, within five hours, there was a sharp drop, followed by a daily consolidation at $ 20. The coin’s value increased by 28% to $ 38 per token, and then in just six minutes fell by 95% of its value to $ 1.83.

Today the price has risen to $ 4.87 again and is showing an increase of 17%. There were no events that could explain such sharp fluctuations. What makes this price action even more mysterious is that ELONOM is an elastic supply token that is supposed to smooth out volatility.

ELONOM coin is an elastic supply token that is programmed to automatically increase or decrease the total circulating supply depending on price changes. The purpose of this is to keep within a predetermined price-to-supply ratio.

It is possible that the algorithm is not debugged and needs further development to exclude such extreme fluctuations.

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