After silencing Dogecoin and Shiba Inu, why is ELON ‘barking’ the loudest
Meme-coins never fail to startle people from the crypto-space with their out-of-the-blue exponential pumps. Amidst the broader uptrend saga, several such joke-coins have been faring exceptionally well recently. And among them, ELON has been stealing the thunder of late.
Since 1 October, this altcoin has appreciated by over 1200%. This means, if you had invested $100 in ELON at the beginning of the month, you would have unrealized gains worth $1200 at this stage. Quite outrageous, right?
Counting the feathers in its hat
People from the meme-coin community have already become as nutty as a fruitcake seeing the aforementioned mind-boggling numbers. Well, the meme-coin just didn’t stop at that.
With a market cap of over $330 million, ELON has now become the third-largest meme-coin. It is, currently, only behind DOGE and SHIB. What’s more, as per data from CoinGecko, ELON has been the most-traded coin on Uniswap’s v2 market over the last 24-hours.
Amidst this record-breaking spree, ELON also crossed the 75k HODLers benchmark – Something quite remarkable for a supposedly random coin.
Litmus test of HODLer loyalty
Well, records being shattered is great. However, at this point, it is essential to gauge the broader sentiment of the ELON community to see if the uptrend phase will be able to prolong itself or not.
To do so, let’s start by assessing the mean-coin age of this meme-coin.
Technically speaking, a rising slope of this metric indicates the broader accumulation/HODLing trend of market participants. Drop-offs, on the other hand, imply the increased movement of tokens between addresses.
This metric for the meme-coin has consistently been inching upwards in a staircase pattern. However, during the initial few days of October, when ELON’s price pumped, the mean age dropped, indicating a minor sell-off. While the uptrend did continue later, it soon managed to behave quite similarly again when its price started rallying this week.
Despite the mini-downtrends registered on the chart attached below, it should be noted that the uptrend on the macro-frame still seems to be pretty much intact. This implies that ELON’s loyal community has its back.
Given the slight reduction in the mean age, it should be noted that the exit of HODLers has been compensated by the entry of new participants into the ELON market.
In effect, the exchange outflows have also been increasing, indicating the hike in demand and the movement of tokens from CEXes and DEXes to private wallets. Thus, both new and old HODLers have been able to intensify the buy-side pressure together.
Social sentiment was also seen around its multi-month high levels, at the time of writing. As far as meme coins are concerned, social volumes and social dominance play key roles in intensifying the hype among other community members. New people usually jump onto the bandwagon out of the fear of missing out and the price inevitably hikes even further.
Thus, if the chitter-chatter continues on social media platforms and additional buying pressure is induced, ELON will be able to carry on its uptrend for a few more trading sessions, at least.
At the end of the day, every dog is entitled to more than just one day, right?