Elon Musk’s influence on the cryptocurrency industry is definitely huge, and so the number of projects using Musk’s name is increasing. Musk, who showed how he can make a pricing movement with his support for Dogecoin (DOGE), is now unintentionally becoming the advertising material of many projects.
Record Mobility in 36 Hours
One of the projects using the name of Elon Musk elonomics (ELONOM), It certainly attracted the attention of the entire industry by experiencing an incredible price fluctuation. The meme-focused cryptocurrency has seen both the top and bottom in the last 36 hours. The token, which was traded at $ 3.49 on November 8, went up to $ 77 and experienced a 21-fold increase. ELONOM, which fell to $ 20 in five hours, then saw $ 38. After such an increase, the project, which lost 95% of its value and fell to $ 1.83, is currently trading at the 4 dollar band.
There has been no major news, scam development, or anything to explain the extraordinary volatility regarding this bearish or rise. The main thing that causes the price to fluctuate so much is that ELONOM has elastic supply. This causes a change in supply that will fluctuate on the price. At certain hours, the supply of ELONOM is determined again and the price either decreases or increases accordingly.
However, it should be emphasized that this project has nothing to do with Elon Musk and is just the use of names.
When investing in such projects, it is absolutely necessary to research the project and the team behind it. Because these coins, which are usually in the hands of a group of whales, can come to the point of zero within minutes. For this reason, investing in “empty” projects just because they are imitating the sims of some celebrities or getting support from them will be a risky move that will cause you to lose.