Meme coins and tokens operate on a very basic principle – build it and they will come. Dogecoin was the first to do it and now has a market cap of over $36 billion. Plenty others have followed including Elonomics, which is arguably the latest to enter the field. This may be a good thing for any investor who is searching for the next DOGE, but you still have to DYOR. This article will help you understand what the project is all about and how it may perform.
What the Elonomics project wants to do
The main goal of Elonomics is to host a number of decentralized apps (dApps) that can be used by crypto investors. Together, the project may be a one-stop-shop where you can simultaneously check your crypto investment performance, manage your portfolio and check on potential investments.
The first role is done by Wallet Explorer, letting you check on all your assets in one place. It will only be used to check on assets on the Binance Smart Chain (BSC), which is the hottest platform for launching dApps right now. The $ELONOM token itself uses the BEP-20 protocol and you can find the contract address on BscScan.
Secondly, Rug Checker will be available to assess the viability of any token on BSC. Using tools like RugDoc, this feature will check properties like slippage, trading fees and number of holders to determine when a project is safe to invest in. Finally, a portfolio management tool will be created to automate investments in crypto. This is similar to what DEXTools does at the moment.
It is important to note, however, that none of these features have been launched as the roadmap shows above. Nevertheless, we’re eagerly anticipating their launch to fully test the system.
How it works
Elonomics works by creating artificial supply shortage through a rebase system. The system involves reducing the number of tokens in circulation and creating FOMO. Although the number of tokens decreases, the value of your investment will stay the same based on the total market cap.
Even as the price of $ELONOM continues to rise with demand, holders will continue to receive rewards. The funds are drawn from the 12% tax charged for transactions, which are distributed to different avenues. 5% goes to holders as reflections in the form of BUSD, 3% to the developers, 2% for liquidity and 2% for marketing. All of these aid in pumping $ELONOM prices, especially marketing on Twitter and Telegram.
How good is $ELONOM as an investment?
At the time of publication, it is the hottest token on websites such as CoinMarketCap and CoinGecko. You can buy the token now on PancakeSwap if you’re interested and want to get in on the ground floor before it’s too late.
But before you do, you may want to look at the long-term price chart from Poocoin below. The ride has been tumultuous to say the least since it was launched, meaning that it’s quite a risky asset. Additionally, BscScan only lists 9 current active addresses holding the token.
That being said, it all comes down to hype and Elonomics now has all eyes on it. It’s also currently valued at about $15 with a market cap of $1.5 million – not bad for a token less than 1 month old.
At this rate, a 2x return by the end of 2021 isn’t out of the cards, but the project must gather steam to get there. As it stands, though, it seems difficult to achieve given the state of the network.