In the last 36 hours, the newly created Elonomics (ELONOM) meme currency has witnessed more volatile market fluctuations than any Twitter storm caused by its inspired namesake, Elon Musk. Most cryptocurrency “hodlers” are accustomed to high volatility in the market, rarely flinching at a 15% intraday swing up or down.
It’s important noting that Musk has denied any participation in this project. As a consequence, the highs and lows, as well as the highs and lows, that have occurred throughout the last day and a half are shown in the timeline of this annotated chart below.
To summarise the graphic, ELONOM was holding steady at $3.49 per meme as Monday, 8th Nov. drew to a close, then exploding 20 minutes later to more nearly $77 USD – a 21x multiple. It plummets in five hours and then stays in the high $20’s for more than a day. Today this morning, the meme was up 28% to just over $38 USD a token, only to plummet 95% in six minutes to $1.83 USD.
Since then, the price has remained stable and has risen to $30 per unit, at the reporting time. There were no evident trade volume surges, whale sales, or breaking news to explain the wild fluctuations, resembling a complete scam.
Elonomics Token Price Chart – Source: CoinMarketCap
The ELONOM meme is a rebase token with an elastic supply that is set to automatically increase or decrease the total amount of circulating supply based on price variations in order to maintain a predetermined price-to-supply ratio. As prices rise or decrease, wallet supply changes correspondingly to maintain the ratio’s balance. It’s possible that the algorithm is shaky and still in testing, causing these annoying overcorrections.