Elon Mars X Coin Falls after Early Morning Surge
Elon Mars X Coin Falls after Early Morning Surge
The coin had managed to gain more than 47% over the previous week, but then fell off a cliff in the afternoon hours of Wednesday. Is hype already gone for this coin or will it continue to make waves?
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The memecoin launched on February 8th at $0.000006184 ($EMX/USD) and has now moved to $0.000005552. That is about a 10% drop from the starting point, but this has not been a quiet coin. $EMX spiked more than it ever has early Wednesday, climbing 33% in a period of just four hours.
If this kind of unexpected surge can happen again, this coin will prove to be volatile and worth a watch for investors hoping to make decent returns off the newly launched memecoin.
This type of volatile activity is to be expected for memecoins that can catch an audience’s interest very quickly and lose it just as fast. They tend to lack stability, though, which makes them very risky investments. Keep in mind that Dogecoin (DOGE) managed to do very well off Elon Musk’s fanbase, and it is now one of the top ranking crypto coins and the top memecoin. There is no indication yet whether Elon Mars X will have that kind of longevity and success, but its recent spur of activity makes it worth a watch.
What Comes Next?
The important period for Elon Mars X will come over the next few days, as analysts find out whether the spike was a fluke or if it will be replicated. If traders abandon the coin, it could drop very low very quickly and potentially never recover. The creators will need to play their cards right and advertise the success of their coin so far to make it appealing to a wider audience and keep interest high.
While $EMX is well above its all-time low, the coin is trending lower than its recent spike and may have trouble getting back up there again.Â
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