ELON and its astronomical surges have always managed to amaze people in crypto-space. For instance, the said coin quite recently registered a massive 1200% pump, consolidated for a couple of days and then again witnessed a 440% rally.
November, however, was quite dry for this room. Compared to the first day of the month, ELON was seen trading at a value of 44% at the time of publication.
ELON’s newfound appeal
Despite the not-so-attractive November-wide trend, ELON had managed to find a home in the wallets of large ETH investors. WhaleStats data highlighted that ELON was among the top 10 tokens bought by the richest 1k ETH list in the past day.
Whales lapping up the coin at this point points to one thing – they’re collectively expecting this coin to re-pump in the coming days. Well, something similar had happened with SHIB as well, earlier in October. Right before its massive pump, a single whale ended up buying over 6.17 trillion SHIB tokens.
Quite quickly, the same whale ended up adding another 276 billion tokens right after that in three separate transactions. Well, large chunks of coins are usually held by whales. So, to a large extent, they dictate the price of the asset.
Keeping in mind the new-found appeal of ELON amongst ETH whales and their recent purchase-spree, it can be said that a pump is likely on the cards for this meme-coin. Additionally, ELON managed to maintain third position on their leaderboard, despite other memes “barking” louder at this point.
This shows that ELON, to a fair extent, has already carved a niche for itself. Additionally, CryptoRank recently pointed out that ELON is one of the most popular meme-corners. Thus, it can be inferred that the speculative interest is slowly brewing at this stage.
Not all the roses and the sun
Well, most of ELON’s metrics were in poor condition. In fact, more than a couple of roadblocks were observed at the time of writing.
The number of active addresses, for example, has been quite low since early November. During the latter half of October, this metric easily projected a three-digit reading. However, in recent times it has been turning around the lows. At the time of going to press, only 58 ELON addresses were active.
Its velocity landscape has additionally become even more turbulent of late. Well, during the October rally period, this metric remained relatively more stable. So, its current state essentially indicates that ELON would likely correct for a couple of days more before inching ahead on the price charts.
The average age of the dollar invested has also changed its course of action. Even though it has been able to maintain its uptrend, this metric has stepped down quite a bit of late. Now, as the average age of the dollar invested gets younger, that implies dormant coins become active and HODLers make their gains.
So now, looking at the state of the metrics, it can be said that the aforementioned whale-anticipated rally might have to wait a little longer before materializing.
