Dogecoin (CRYPTO:DOGE) began out as a joke, however loads of traders laughed all the best way to the financial institution because the cryptocurrency skyrocketed. Positive, it is near 65% beneath the excessive set in Might. Nonetheless, anybody who purchased the digital coin 12 months in the past and held on is sitting on a acquire of almost 9,300%.
Shiba Inu (CRYPTO:SHIB) has been a a lot greater winner to date this 12 months. It is up a mind-blowing 95,279,000% or so over the past 12 months. There are millionaires and even billionaires who owe their fortunes to the favored token.
However it is going to be very tough for Dogecoin and Shiba Inu to repeat these performances over the subsequent 12 months. Nonetheless, there are different digital tokens that maintain the potential for ginormous positive aspects. Look out Dogecoin and Shiba Inu — there’s one rival that simply is likely to be the subsequent breakout cryptocurrency.
The last word Elon Musk token?
The apparent widespread denominator between Dogecoin and Shiba Inu is that they each use the Shiba Inu searching canine as an emblem. Nonetheless, there’s additionally one other tie between the cryptocurrencies: Each are linked with Tesla (NASDAQ:TSLA) CEO Elon Musk.
Musk, the self-proclaimed “Dogefather,” has been a vocal supporter of Dogecoin. And although he doesn’t personally own Shiba Inu tokens, his tweets of photographs of his Shiba Inu pet have pushed the cryptocurrency value increased.
Now, arguably the final word Elon Musk token has arrived. Elonomics (CRYPTO:ELONOM) started buying and selling on Oct. 25. It is impressed by and named after the Tesla chief. Elonomics even makes use of an image of an individual who resembles Musk sporting a Viking horned helmet on its emblem.
The brand new cryptocurrency relies on the Binance (CRYPTO:BNB) Sensible Chain blockchain. Homeowners of Elonomics are rewarded in Binance steady cash.
To the moon — and again
At 6 p.m. on Sunday, Nov. 7, 2021, Elonomics traded at $3.51. On the similar time on the subsequent day, the token had soared to $77.47. That is a acquire of greater than 2,100% in simply 24 hours. Elonomics was the best-performing cryptocurrency of the day, simply beating Dogecoin and Shiba Inu.
The cryptocurrency has delivered different large jumps in current days as properly. On Nov. 12, Elonomics vaulted 575% increased over a 24-hour interval. So is the token headed to the moon? Perhaps, however not with out some journeys again to Earth alongside the best way.
Regardless of these spectacular single-day positive aspects, Elonomics is down 90% since its launch as of the time of this writing. Thus far, the token has skilled extra detrimental days than up days.
A protracted technique to the highest
To borrow a line from the good rock financial institution AC/DC, it is a lengthy technique to the highest if you wish to be the most well-liked cryptocurrency. There are numerous different digital cash that their house owners hope would be the subsequent Dogecoin or Shiba Inu. Can Elonomics achieve success? It is attainable.
The brand new cryptocurrency makes use of a rebase mechanism the place an algorithm will increase or decreases the overall provide of the token. The concept behind rebase is that it might create a concern of lacking out (FOMO) impact that draws extra traders to purchase Elonomics and can give the token a “ceaselessly bullish” chart, based on the developer.
Nonetheless, one of many key issues that drives the value of a cryptocurrency is its availability on exchanges. Presently, Elonomics may be purchased utilizing the TrustWallet and MetaMask crypto wallets. It is not but out there on main exchanges equivalent to Coinbase, although.
Nonetheless, Elonomics has attracted consideration with its large one-day positive aspects. A number of main media retailers have run articles about it. Optimistic publicity could make or break a cryptocurrency. And who is aware of — possibly even a sure eccentric billionaire would possibly determine to tweet about his namesake. If that’s the case, Elonomics actually may very well be the subsequent breakout cryptocurrency.
This text represents the opinion of the author, who might disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in all our personal — helps us all suppose critically about investing and make selections that assist us change into smarter, happier, and richer.