The Elonomics token is currently pumping on coinmarketcap.com. I have decided to review the coin, to help you decide whether the coin is worth your investment.
If you are about to buy Elonomics token, but you are wary and unsure that it is legit or a scam token? or maybe you are just curious about the token. I have done all the heavy lifting and investigations on your behalf. All you need do is to read through this article.
Before I begin, I’ll like to let you know that, I’m not a banker or financial expert. I will not be held responsible for your financial decision or indecision. This article is just a guide and nothing more. I’m not here to promote or disparage any coin. I consider my analysis to be objective and fair. If you are not satisfied with the things I say, you can always do your research.
With that out of the way, let’s begin
When I am investigating a new token, to check its legitimacy, the below are the things I look out for.
Developers behind the project
What people are saying about the
(If you are a frequent visitor of this website, you should know this)
I will go on to explain these points, in the following paragraphs.
The Elonomic token’s website is as average as they come. It’s a classic rebase token website that looks copied. I’ll go on to explain what a rebase is in the appropriate paragraph because apparently, a lot of people don’t understand what rebasing means.
Going through the text on the website, to understand what the token is all about. I found out that the Elonomics token was named after Space X’s boss, Elon Musk. This is the first big red flag.
I’ll begin this paragraph explaining what a rebase token is in the simplest of terms, so you will see and recognize crap when you see it in the crypto space.
With rebase tokens charts (the elonomic token chart you saw, that brought you to this website) doesn’t mean anything in the grand scheme of things. The only things that matters are the market capitalization and the total supply of the coin. When the market cap goes down, the chart goes up, when the chart goes up, holders sort of lose money. But when the market cap is up and the total supply of the token increases, the chart goes down. The value of the token increases.
The whole Elonomic token is built on this mechanism that confuses a lot of people.
Here’s an excerpt from the website.
“MEET ELONOMICS THE NEXT-GENERATION REBASE TOKEN.
Our efficient rebase mechanism + our Elon Hour keeps the chart looking beautiful, keeping the FOMO and hype up at all times.
In addition we give out heaps of rewards in $BUSD”
Here this token is promising you rewards built around people’s fear of missing out (FOMO) and hype, nothing else.
A mere scheme through their website will make a trained eye conclude that the token is a scam coin, that will hardly deliver on the promises it is making. But, I’ll give it the benefit of doubt by looking at the white paper.
There’s no white paper for this token. This just confirms my initial position that the people behind this token just want to take people’s money and disappear. The token doesn’t have a real-world use case backing it. This is a mount Everest esque red flag.
Developers behind the coin
The creators of Elonomics are unknown. The developers aren’t doxxed. Another even bigger red flag.
What people are saying about the coin
On youtube, no creator seems to have done anything about it. The only thing I saw as regards the coin was a video on how to buy it. However, on Twitter, many people seem to have also recognized the coin to be a scam. Here’s a screenshot on their Twitter page.
I will not bother to analyze the liquidity pool or the market capitalization. This token is 100 percent a scam coin. I can say it anywhere. This coin will most probably hold little or no value in the future.
Elonomics token is a shitcoin with no actual utility. The token is targeted at people who do know much about new crypto coins or those who are desperate for fast cash.
If you enjoyed reading this review. I have done many other reviews of tokens, and you can find them here.