The Masks Coin is a rebasing token that’s presupposed to suppress volatility.
Most cryptocurrency hodlers are used to volatility in house, barely noticing a 15 p.c swing up or down through the day.
Elon Musk’s coin-meme has been rolling wildly over the previous 36 hours
Nonetheless, the just lately launched Elonomics (ELONOM) the identical angle there have been extra jumps out there up to now 36 hours than any Twitter storm triggered by its inspiring namesake. Elon Musk… You will need to be aware that Musk has not acknowledged any direct connection to this mission. That being mentioned, the timeline of this annotated chart under exhibits the highs and lows, in addition to the highs and lows which have occurred within the final day and a half.
Picture from coinmarketcap.com
The decay of the Masks meme coin
To summarize the graph, as Monday November 8 fell, ELONOM held regular at $ 3.49 per meme, when it rose to over $ 77 after 20 minutes, which is 21x extra. Inside 5 hours, it drops sharply, after which hovers at $ 20 for greater than a day. The meme’s worth surged 28% to only over $ 38 per token at 00:04 this morning – in simply six minutes, dropped 95% of its worth to $ 1.83.
In the present day the value has risen above $ 4 per unit once more and stays secure. There have been no clear spikes in buying and selling quantity, whale gross sales, or information to clarify such dramatic fluctuations. What makes this value motion doubly mysterious is that ELONOM is an elastic provide token that’s presupposed to clean out volatility.
Elastic provide tokens are supposed to cut back volatility
An ELONOM meme is an elastic provide or rebase token that’s programmed to mechanically improve or lower the whole circulating provide primarily based on value modifications in an effort to keep inside a pre-set price-to-supply ratio. As costs rise or fall, provide in wallets modifications path proportionally to keep up the established order relationship. Maybe the algorithm is twitching and nonetheless in growth, which is inflicting these visceral over-fixes.
Till the programming of this meme coin is fastened, ELONOM hodlers could need to think about extra enjoyable actions akin to juggling with reside chainsaws.