With their out-of-the-blue pumps, meme-coins never fail to scare people away from the crypto-space. Such comic coins have been doing exceptionally well recently, despite the wide conventional boom. ELON has been stealing the show for days among them.
This altcoin has increased by more than 1200 % since October 1. This indicates that if you had bought $100 in ELON earlier this month, you could have profited $1200.
ELON is presently the third-largest meme currency, with a market capitalization of about $ 330 million. It is currently trailing just DOGE and SHIB. Furthermore, for the last 24 hours, ELON has been the most popular currency on the Uniswap v2 market.
ELON also skipped the 75k HODLers rating mark in the midst of this record-breaking run – a stunning feat for the so-called unprepared coin.
Technically, this metric’s upward trend mirrors the wider/overall tendency of market players HODLing. The downgrade, on the other hand, signifies that the number of tokens transferred between addresses has increased.
This meme coin meter has been climbing the ladder pattern to the top. The age, on the other hand, fell during the first few days of October, when the price of ELON was flowing, indicating poor sales. While the uptrend is continuing, it has recently managed to behave in a similar manner, and its price is beginning to rise this week.
Despite the mini-downtrends shown in the chart below, the macro-frame upswing still appears to be extremely strong. This signifies that ELON’s devoted fan base is on its side.
It should be highlighted that the exit of HODLers was compensated for by the introduction of new participants into the ELON market due to the decrease in mean age.
In reality, the exchange rate was growing as well, signaling increased demand and token migration from CEXes and DEXes to private wallets. As a result, both new and experienced HODLers have been able to increase the buying pressure.
At the time of writing, the social condition had been reflected at high levels for some months. In the case of meme currencies, public quantities and public governance play a key role in boosting enthusiasm among other members of the public. For fear of losing out, young people frequently jump on the bandwagon, and the price inevitably rises drastically.
As a result, if the rumors continue to circulate on social media platforms, ELON will be able to maintain its momentum for at least a few trading sessions.