Cryptocurrency News

ELONOM Price Suddenly Drops By Over 80%- Is It Safe To Invest In Elonomics?

The meme coin Elonomics (ELONOM) has recently discovered a dynamic market movement. On Monday, November 8, ELONOM was trading at $3.49 USD before jumping to $77.20 minutes later, showing a 21x rise. It plummeted in five hours and remained at the $20 USD peak for more than a day. Coin climbed 28% to a little over $38 USD per token at 12:04 a.m. Thursday but dropped 95% in six minutes to $1.83 USD. At the reporting time, ELONOM is presently trading at a price around $5.08 USD, which is already -81.32% down for the day.

No actual reasons behind sudden price fluctuations seem to justify all of the sudden growth of ELONOM, referring to it as a complete scam scheme being pumped by in-house resources for just catching the attention of investors to lure them like the earlier SQUID token scam.

 

Anonymous Whale Transfers Over 140 Million Ripple Coins - Exclusive News.

Elonomics ($ELONOM) Price Chart – Source: CoinMarketCap

What is perplexing about this pricing action is that ELONOM is a token with an extendable supply, which should address volatility. However, an algorithm that explains this rectification of visceral overcorrections could still be devised.

The Whale Alert team reported yesterday on anonymous bags transferring over 70 million Ripple (XRP) coins to each other. One minute later, the “KsTqv” wallet moved slightly more than $70 million to XRP. The USD equivalent to Ripple transmitted to “KsTqv” amounted to $147.7 million. With no recent transactions worth more than $140 million or $70 million, the person who made the highest deal is claimed to have had no intention of selling himself unless it was an OTC trade.

Anonymous Whale Transfers Over 140 Million Ripple Coins - Exclusive News.

Image Source: WhaleAlert

This resulted in an over 3.5% increase in the price of Ripple following an 11.6% drop from the top spot earlier on Wednesday.

Leave a Comment

Your email address will not be published. Required fields are marked *